Bitcoin activity nears record highs on microtransaction surge

Near-record OP_RETURN usage is driving a surge in low-value Bitcoin transactions, pushing Bitcoin network activity close to all-time highs despite muted price action.

Microtransactions below 0.01 Bitcoin (BTC) now account for roughly 80% of all daily transactions on the network, pushing transaction activity close to record highs despite weak price performance.

The surge has pushed CryptoQuant’s Bitcoin “Network Activity Index” into positive territory for the first time since 2024, according to a Thursday report by the blockchain data company.

Transactions below 0.01 BTC represented about 44% of all daily Bitcoin transactions in 2023, but their share has nearly doubled since then, fueled largely by Ordinals, Runes and other data-inscription protocols.

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