According to ChainCatcher, CryptoQuant Head of Research Julio Moreno said that transactions below 0.01 BTC currently account for about 80% of the Bitcoin network’s total daily transaction volume. That share is notably higher than the roughly 44% level recorded in 2023, showing that small-value on-chain transfers now represent a much larger portion of Bitcoin’s daily activity.
OP_RETURN-Based Protocols Drive Small Transactions
Moreno said the increase is mainly being 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 transaction sizes reaching as low as 546 satoshis, or about $0.35, which has continued to push up the number of low-value transfers on the network.
In addition to the change in transaction composition, Moreno noted that the Bitcoin network activity index has been rising since January this year and has now reached its highest level since the end of 2024. His comments connect three observed data points: the higher share of sub-0.01 BTC transactions, the use of on-chain data protocols, and the rise in Bitcoin network activity.