Bitcoin: OP_RETURN Code Use

OP_RETURN Code Use counts how many OP_RETURN codes were written into Bitcoin transactions each day — the mechanism protocols such as RUNES, Ordinals and Tether use to embed data on-chain.

High activity indicates strong demand from secondary protocols, which competes for block space, lifts transaction fees and raises miner revenue. Collapses do the reverse.

It works as an early warning for network demand. A sustained drop drags down transaction counts, block utilisation and fees, and pulls activity-based valuation models down with it.

API — /v2/community/bitcoin-op-return-count returns the daily count.