According to ChainCatcher, CryptoQuant Head of Research Julio Moreno said that transactions worth less than 0.01 BTC currently account for about 80% of the Bitcoin network’s total daily transaction volume. That share is significantly higher than the roughly 44% recorded in 2023, indicating a marked increase in the proportion of smaller transfers on Bitcoin.
OP_RETURN-Based Protocols Drive More Low-Value Transfers
Moreno said the increase has been mainly driven by OP_RETURN-based on-chain data protocols, including Runes, Ordinals, BRC-20 and data timestamping services. These protocols generate a large number of small transactions on the Bitcoin network, contributing to the continued growth in low-value transfers.
Some of these transactions are as small as 546 satoshis, or about $0.35. Moreno also noted that the Bitcoin network activity index has continued to rise since January this year and has now reached its highest level since the end of 2024.