OP_RETURN Share Trend
Output share of OP_RETURN data carriers, smoothed monthly. Tracks the regime shift triggered by Ordinals inscriptions (January 2023) and subsequent data-protocol activity.
What is it?
OP_RETURN is the Bitcoin opcode allowing arbitrary data (up to 80 bytes by default) to be inscribed in the blockchain. The output is unspendable (sent BTC are definitively destroyed) - it serves exclusively to carry metadata. This metric computes the 1-month rolling share of OP_RETURN outputs among all created outputs. Before Ordinals inscriptions, OP_RETURN was dominated by timestamping uses and protocol anchors. The Ordinals regime (January 2023) propelled use to record levels.
How to read
The vertical axis is a percentage between 0 and 100. Before 2023-01-20, the share oscillates at modest levels (timestamps, protocol anchors). From the Ordinals deployment (20 January 2023), a regime break drives the share to unprecedented levels. Subsequent peaks correspond to the BRC-20 wave (March 2023), Runes (April 2024), and other data protocols on Bitcoin.
Key zones
Pre-Ordinals (before 2023-01-20): modest low zone (timestamps + anchored protocols). Ordinals regime (post-2023-01-20): structural elevation of the share with peaks tied to inscription waves. Runes regime (post-2024-04-20 halving 4): new data-protocol regime post-halving. Zones of return to the pre-Ordinals regime would indicate a softening of data-protocol use.
What to observe
Watch peaks tied to protocol waves: Ordinals (January 2023), BRC-20 (March 2023), Runes (April 2024). Compare with #373 OP_RETURN Cumulative Value to assess the economic value immobilised. Softening phases indicate saturation or migration to other data formats (Taproot witness scripts via ordinal inscriptions).
Historical context
OP_RETURN was standardised in 2014 with an initial 40-byte limit (then 80 bytes by default). During the first decade, use is dominated by timestamping services and protocol anchors. On 20 January 2023, the launch of Ordinals inscriptions triggers a regime break - OP_RETURN outputs carry part of the metadata, propelling the share to never-before-seen levels. BRC-20 (March 2023) and Runes (April 2024 post-halving 4) amplified use.
Expert notes
The OP_RETURN share captures only part of data-protocol usage on Bitcoin. Ordinals inscriptions primarily use Taproot witness scripts (inscription envelopes in P2TR script-path), not OP_RETURN directly. For a complete view of inscribed data, cross-reference OP_RETURN with the P2TR share (#370/#371) and specific protocols.
Common mistakes to avoid
Believing OP_RETURN captures the entirety of Ordinals inscriptions is wrong - the main inscription content is carried by Taproot witness scripts (P2TR script-path). OP_RETURN carries certain Runes metadata and other data protocols. A rise in OP_RETURN does not mechanically reflect the volume of inscriptions, but the pressure of data-only protocols on block space.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/op-return-share-trend/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "op-return-share-trend",
"timeframe": "1y"
}Required tier: free. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.