Written by Cointelegraphstaff writerReviewed by Yohan Yunstaff writer
Written by Cointelegraphstaff writer
Reviewed by Yohan Yunstaff writer
Bitcoin activity nears record highs on microtransaction surge
Latest NewsPublishedJun 19, 2026
Bitcoin Activity Surges to Near Record Highs
The Bitcoin network is experiencing a significant surge in activity, driven by a rise in microtransactions. These low-value transactions, below 0.01 Bitcoin, now account for approximately 80% of all daily transactions, pushing the network activity close to all-time highs. This growth is largely fueled by data-inscription protocols such as Ordinals and Runes. As a result, CryptoQuant’s Bitcoin “Network Activity Index” has entered positive territory for the first time since 2024.
Impact on Network Activity
The increase in microtransactions has led to a rise in network congestion, with transaction backlogs surging. This congestion is expected to continue, potentially increasing block space competition and raising fees for economic transactions. However, the economic value of these microtransactions is disproportionately small. The current congestion remains below the peaks seen during previous booms in Bitcoin inscriptions.
The surge in microtransactions is also driven by the increased use of OP_RETURN, an opcode that allows data to be embedded on-chain without creating spendable outputs. This has climbed to near-record usage levels, with Runes, Ordinals, BRC-20 tokens, and data-timestamping services generating large volumes of low-value transactions. For individuals looking to earn passive income through cryptocurrency, this surge in network activity highlights the potential of the Bitcoin network.
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Bitcoin’s network activity is 7% below its all-time high recorded in September 2024. Source: CryptoQuant
Bitcoin sees renewed inscription-driven congestion
The 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 in microtransactions.
OP_RETURN, an opcode that allows data to be embedded onchain without creating spendable outputs, has climbed to near-record usage levels in 2026. It split the Bitcoin community in 2025 after Bitcoin Core developers removed a long-standing 80-byte relay limit. Critics argued the change would make it easier to use Bitcoin for non-financial data storage.
“The OP_RETURN opcode embeds up to 100,000 bytes of data onchain without creating spendable outputs, making it the standard mechanism for Bitcoin data-layer protocols,” Moreno wrote.
These protocols generate high volumes of dust-value transactions (as low as 546 satoshis), directly explaining the low-value cohort surge.
The trend has also pushed Bitcoin’s mempool, a holding area for unconfirmed transactions, to roughly 128,000 transactions, its highest transaction count since February 2025.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
- Bitcoin Ordinals
- Runes Protocol
- Microtransactions
- Transactions
- Mempool
- Bitcoin
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