CryptoQuant: Microtransactions Make Up 80% of Bitcoin Activity

CryptoQuant reports that Bitcoin transactions smaller than 0.01 BTC now account for roughly 80% of daily onchain transactions, up from about 44% in 2023.

The firm attributes the increase mainly to OP_RETURN-based activity such as Runes, Ordinals and BRC-20 tokens. OP_RETURN allows users to write data to the Bitcoin blockchain without creating spendable outputs.

Julio Moreno, head of research at CryptoQuant, wrote: “The transaction surge is concentrated almost entirely in the lowest value cohorts, with sub-0.01 BTC transaction share at ~80% of daily counts.”

CryptoQuant's report notes many of the new transactions are extremely small, sometimes as low as 546 satoshis (around $0.35). These microtransactions come from token operations and data timestamping services that generate large numbers of tiny transfers.

The firm's Bitcoin Network Activity Index has risen steadily since January and crossed its long-term trend in late March for the first time since mid-2024. Overall network activity remains roughly 7% below the September 2024 peak.

Total daily transactions have climbed above 800,000 this year, and mean transactions per block have stayed near record levels for several weeks, according to CryptoQuant.

The bitcoin mempool reached about 128,000 unconfirmed transactions, the highest count since late February 2025. CryptoQuant noted congestion is concentrated among low-fee transactions and remains below the peaks seen in September 2023 and November 2024.

Julio Moreno warned continued growth in non-financial onchain activity could increase competition for limited block space and raise fees for time-sensitive economic transactions that require faster confirmation.