Bitcoin activity nears record highs on microtransaction surge

Written by Cointelegraphstaff writerReviewed by Yohan Yunstaff writerWritten by Cointelegraphstaff writerReviewed by Yohan Yunstaff writerBitcoin activity nears record highs on microtransaction surgeLatest NewsPublishedJun 19, 2026Near-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.The report, authored by CryptoQuant head of research Julio Moreno, said sustained growth in non-financial activity could “increase block space competition and raise fees for economic transactions.”“The economic value of these transactions is, however, disproportionately small,” Moreno wrote.Bitcoin’s network activity is 7% below its all-time high recorded in September 2024. Source: CryptoQuantBitcoin sees renewed inscription-driven congestionThe current congestion remains below the peaks seen during previous booms in Bitcoin inscriptions, when users embedded data such as images, text and token information directly on the blockchain.Transaction backlogs surged in 2023 as Ordinals and BRC-20 activity competed with ordinary transfers for block space, while another spike emerged in late 2024 following the launch of the Runes protocol.According to the report, Runes, Ordinals, BRC-20 tokens and data-timestamping services generate large volumes of low-value transactions, helping explain the sharp rise…

Bitcoin activity nears record highs on microtransaction surge

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