TheBlock
Bitcoin transactions under 0.01 BTC — worth roughly $630 at current prices — now account for about 80% of all daily transactions, up from roughly 44% in 2023, according to a new report from CryptoQuant head of research Julio Moreno. The surge is concentrated almost entirely in the lowest-value cohorts, with sub-0.01 BTC transfers dominating daily counts while the total value moved on-chain stays modest.
The driver is non-financial: Moreno links the shift to rising use of the OP_RETURN opcode, which lets users write data to the Bitcoin blockchain without creating spendable outputs. OP_RETURN usage has climbed to near-record levels this year, fueled by Runes, Ordinals, BRC-20 activity, and data-timestamping services. Some of these transactions carry values as low as 546 satoshis — about $0.35.
Why it matters
The composition of on-chain activity has flipped. Total daily transactions have climbed above 800,000, near the highs of the 2023–2025 bull cycle and more than double the lows seen in 2025. Mean transactions per block have stayed near record levels for several weeks, which Moreno reads as structural rather than temporary. Crucially, CryptoQuant's Bitcoin Network Activity Index has broken above its long-term trend in late March for the first time since mid-2024 and has held there, even as BTC price has continued lower — network activity now sits only about 7% below its all-time high from September 2024.
Market impact
The shift is already straining block space. The Bitcoin mempool reached 128,000 unconfirmed transactions, its highest count since late February 2025. Congestion is concentrated in low-fee transactions and remains well below the September 2023 and November 2024 peaks, but Moreno warned that if non-financial on-chain activity keeps expanding, it will compete with time-sensitive economic transactions for block space and push fees higher. The pattern is familiar from the OP_RETURN and Runes booms of 2023–2024: high transaction counts, modest value moved, and a fee market that activates only when block space tightens.
Frequently asked questions
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What is driving the rise in sub-0.01 BTC transactions?
Non-financial protocol activity. CryptoQuant's Julio Moreno links the shift to growing OP_RETURN opcode usage, driven mainly by Runes, Ordinals, BRC-20, and data-timestamping services that write data to the chain without creating spendable outputs.
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How much of daily Bitcoin transactions are now under 0.01 BTC?
About 80% of all daily Bitcoin transactions are now under 0.01 BTC (roughly $630), up from about 44% in 2023, according to CryptoQuant. Some of these transactions carry values as low as 546 satoshis.
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Is the rise in transactions tied to higher bitcoin prices?
No. CryptoQuant's Bitcoin Network Activity Index broke above its long-term trend in late March 2026 for the first time since mid-2024 and has stayed there, even as BTC price continued to move lower.
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What is happening with the Bitcoin mempool?
The mempool reached 128,000 unconfirmed transactions, its highest count since late February 2025, with congestion concentrated in low-fee transactions. Levels remain well below the peaks of September 2023 and November 2024.
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Could the surge in microtransactions push Bitcoin fees higher?
Potentially. Moreno warned that if non-financial on-chain activity continues to expand, it will compete with time-sensitive economic transactions for block space and raise fees — a pattern already seen during the 2023–2024 OP_RETURN and Runes booms.
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