Bitcoin transactions below 0.01 BTC now constitute approximately 80% of daily transactions, a significant increase from 44% in 2023, according to CryptoQuant's Head of Research, Julio Moreno. This rise is attributed to the proliferation of OP_RETURN-based on-chain data protocols like Runes, Ordinals, and BRC-20, which generate numerous small transactions, some as low as 546 satoshis. The Bitcoin network activity index has been on an upward trajectory since January, reaching its highest point since late 2024. Despite a decline in Bitcoin prices, the index surpassed its long-term trend line in March and has remained elevated. Daily Bitcoin transactions have exceeded 800,000, nearing the peak levels of the 2023-2025 bull cycle and more than doubling the 2025 low.