CryptoQuant's head of research, Julio Moreno, said transactions below 0.01 BTC now account for about 80% of total daily transaction volume on the Bitcoin network, marking a recent multi-year high. The share is well above the roughly 44% level recorded in 2023, showing that very small transfers now represent a larger part of Bitcoin's daily on-chain transaction structure.
OP_RETURN-based protocols drive smaller transfers
Moreno said the increase is 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, with some transfers as low as 546 satoshis, equal to about $0.35.
As these protocol-related transactions continue to appear on-chain, the share of transfers under 0.01 BTC has kept rising. Moreno also noted that the Bitcoin network activity index has been climbing since January and has now reached its highest level since the end of 2024. The information was reported by The Block and published by Odaily.