Microtransactions have taken over the Bitcoin network: nearly 80% of transfers are "dust"
The Bitcoin network is undergoing a fundamental shift in its activity structure. According to on-chain analytics, the share of microtransactions — transfers of less than 0.01 BTC — has soared to an unprecedented 80% of total daily operations. For comparison, in 2023 this figure was only about 44%. This dynamic is radically changing the blockchain's economics.
The total number of transactions per day and per quarter has come close to historical highs. However, as analysts rightly note, the economic value of these operations is disproportionately small. We are witnessing a paradox: the network is congested to the limit, but the real volume of transferred value remains low.
Root of the Problem: Ordinals, Runes, and OP_RETURN
The main driver of this surge has been the avalanche-like use of protocols for creating fungible tokens (Runes), Ordinals inscriptions, and various data recording services. They have triggered a record increase in the use of the OP_RETURN code. Essentially, the Bitcoin blockchain is increasingly being used not as a payment system, but as a cheap layer for data storage and asset issuance.
This has caused the mempool of the first cryptocurrency to swell to 128,000 unconfirmed transactions — the highest level since late February 2025. Notably, the congestion is concentrated in groups with the lowest fees, creating "traffic jams" for all users.
Risks for the Network's Long-Term Economics
The sustained growth of non-financial activity poses a serious challenge. If this trend continues, competition for block space will intensify sharply. This will inevitably lead to higher fees for "economic" transactions — that is, those that actually transfer significant amounts between wallets. In the long term, this state of affairs could reduce Bitcoin's appeal as a means of payment.
My opinion: We are witnessing a classic case of the "tragedy of the commons" in the blockchain. While microtransactions bring additional income to miners, they also make the network less efficient for large transfers. If developers do not find a balance between "digital gold" and a "data layer," Bitcoin risks losing its main advantage — cheap and fast P2P transactions.