Runes and Ordinals protocols drive a surge in low-value transactions, pushing Bitcoin activity to within 7% of its all-time high.
Bitcoin network activity is 7% below its September 2024 peak, driven by a surge in microtransactions from protocols like Runes and Ordinals. These low-value transactions, some as small as 546 satoshis, compete for block space with traditional transfers, increasing congestion.
Previous spikes in 2023 and late 2024 were tied to inscription booms and the launch of the Runes protocol. The OP_RETURN opcode, now allowing up to 100,000 bytes of embedded data, has also contributed to the rise in non-financial blockchain usage.
The Bitcoin mempool has swelled to roughly 128,000 unconfirmed transactions, reflecting the heightened demand for block space amid the microtransaction surge.