Microtransaction Surge Pushes Bitcoin Network Activity Close to Record High

Bitcoin’s Ordinals and Runes protocols allow text, images and token data to be inscribed on-chain, generating large volumes of low-value transfers. Microtransactions of less than 0.01 BTC now account for 80% of daily transaction volume. This indicates that use of the network is gradually expanding beyond asset transfers, while intensifying competition for limited block space.

CryptoQuant data show that the Bitcoin network activity index has recently approached an all-time high and turned positive for the first time since 2024, driven mainly by a surge in microtransactions linked to Ordinals and Runes. Although the increase has boosted on-chain usage, the market is also watching whether tighter block capacity could push transaction fees even higher.