Microtransactions have taken over the Bitcoin network: 80% of transfers are "dust"
Bitcoin's network activity is undergoing a tectonic shift. The share of microtransactions — transfers of less than 0.01 BTC — has surged to an unprecedented ~80% of total daily transactions. This is fundamentally changing the structure of blockchain usage and creating new risks for users making large financial transfers.
For comparison: back in 2023, the share of such small transactions was only about 44%. A more than 1.5-fold increase in two years is not a coincidence, but a reflection of fundamental changes in the ecosystem.
OP_RETURN and Tokens: A Non-Financial Boom
The key driver of this explosive growth has been the record-breaking use of the OP_RETURN code. Analyzing the data, I see a direct correlation with the insane popularity of fungible tokens based on Bitcoin (such as Runes), Ordinals inscriptions, and various data recording services. These protocols generate a huge number of small, essentially "technical" transactions that clog the mempool.
The total number of transactions per day and per quarter has already approached historical highs. However, the economic value of these operations, as I also emphasize, is disproportionately small. We are witnessing a paradox: the network is overloaded with activity, but this activity brings minimal financial benefit.
Mempool at Its Limit: 128,000 Transactions in Queue
The increase in microtransactions and OP_RETURN has caused the number of unconfirmed transactions in the mempool to soar to its highest level since late February 2025 — 128,000 transactions. Notably, the congestion is concentrated in groups with low fees. This creates a "traffic jam" for anyone not willing to overpay for speed.
The sustained growth of non-financial activity on the blockchain will inevitably intensify competition for block space. This will lead to higher fees for truly important economic transactions — large transfers, payments, etc. For the average user wanting to send Bitcoin quickly, this means either higher costs or a long wait.
My expert conclusion: The current dynamics are a classic example of "network spam" from a financial value perspective. If the trend continues, Bitcoin risks transforming from a means of payment and savings into an expensive "ledger for NFT inscriptions." Investors and users should closely monitor fees and prepare for their volatility driven by non-financial factors.