Bitcoin network activity has a dramatic rebound – hits highest since 2024 even as price struggles
Bitcoin network activity is at its strongest level since late 2024, with CryptoQuant’s Network Activity Index moving above its long-term trend and staying elevated since late March. Daily transactions have topped 800,000 at points in 2026, but most of the growth comes from very small transfers: transactions under 0.01 BTC now make up about 80% of daily counts, up sharply from 2023. OP_RETURN usage has also surged, tied to Runes, Ordinals, BRC-20-style activity, and other data-writing services. This stronger on-chain use has not supported price, which remains under heavy selling pressure. Bitcoin is down about 30% this year and far below its late-2025 peak. The mempool has grown, but fee levels are still low, so congestion has not translated into a major fee spike. The result is busier block space, but not yet clear evidence of broad economic demand or stronger miner revenue.
