Bitcoin’s blockchain is showing the most activity since late 2024, creating a rare schism between increased network usage and falling market prices.
CryptoQuant said in a note shared with. crypto slate The company revealed that its Bitcoin Network Activity Index has exceeded its long-term trend for the first time since mid-2024.
The index has been steadily rising since January, recently hitting its highest level since late 2024 and only about 7% below the record set in September 2024.
This shift began in late March and has continued for several weeks, suggesting that the rebound in activity is not a one-day spike.
Meanwhile, the increase in network activity comes as Bitcoin price continues to be under heavy selling pressure.
The largest cryptocurrency has fallen by about 30% this year, dropping below $65,000, according to . crypto slate The data has fallen more than 50% from its record near $126,000 in late 2025, as months of selling pressure and declining risk appetite weighed on the market.
Small transfer promotes rebound
The network’s rebound is primarily driven by the number of transactions rather than high-value payments.
According to CryptoQuant data, total daily Bitcoin transactions will exceed 800,000 as of 2026, close to the strongest reading of the 2023-2025 cycle and more than double the 2025 low. The average number of transactions per block has also increased, indicating sustained block usage in terms of number of transactions.
The structure of that activity is a more important part of the story.
According to CryptoQuant, transactions of less than 0.01 BTC currently account for approximately 80% of daily Bitcoin transactions. This is up from about 44% in 2023.
The smallest cohort, which includes transactions of less than 0.001 BTC and less than 0.01 BTC, has surged this year and is approaching the previous peak reached in 2024.
This means Bitcoin’s network is more crowded, but much of the growth is due to very small transfers. From a market perspective, blockchain is processing more messages, but not necessarily delivering proportionally more economic value.
This pattern is similar to previous bursts of protocol-driven activity in Bitcoin, where token experimentation, inscriptions, and data services increased the number of transactions without matching the value profile of traditional BTC transfers.
OP_RETURN uses data-heavy demands as a point
The increase in small transfers coincided with a sharp increase in OP_RETURN usage.
OP_RETURN is used to attach data to Bitcoin transactions without creating consumable output. As such, it has become a common tool for data layer activities on Bitcoin, including use cases adjacent to token-related transfers, timestamps, and inscriptions.
According to CryptoQuant, OP_RETURN output has risen to near-record levels this year, with the increase tied to activity by Rune, Ordinal, BRC-20 style markets, and other data writing services.
These systems can generate large numbers of low-value transactions, as the economic payload is often the data attached to the transaction rather than the amount of BTC transferred.
This helps explain why the network activity index is rising even though prices are still depressed. While this new move reflects demand for Bitcoin block space, it is not the same as a broader recovery in investor appetite for BTC.
It also complicates the long-standing debate surrounding Bitcoin’s use cases. Supporters may view this surge as evidence that Bitcoin is becoming a more active payment layer for new types of on-chain activity.
However, critics may see this as congestion with transactions that do little to support Bitcoin’s monetary role.
So far, the data supports both readings to some extent. Bitcoin usage is increasing. However, its use is focused on small-scale transactions, unlike financial transfers, which many investors associate with the demand for durable networks.
Crowds at Menpur return, but prices remain low
The proliferation of microtransactions is starting to impact the memory pool that waits for unconfirmed Bitcoin transactions before being added to a block.
According to CryptoQuant, the number of Bitcoin memory pool transactions has increased to approximately 128,000, the highest since late February 2025. Congestion is concentrated in low-fee transactions and coincides with an increase in OP_RETURN and microtransaction activity.
The current backlog remains well below the extreme peaks seen in September 2023 and November 2024. Still, this increase indicates that non-financial or low-value activities account for a larger share of Bitcoin transaction flows.
If this trend continues, its importance may increase further. Increasing competition for block space can lead to higher fees, especially for users who require time-sensitive payments.
In past cycles, congestion from inscription and token-related activity led to temporary fee spikes and renewed debate over whether Bitcoin block space should be used primarily for monetary transfers or for broader data applications.
So far, the recent surge in activity has not caused a comparable fee boom.
According to YCharts data based on Blockchain.com figures, daily Bitcoin transaction fees on June 18 were 3.458 BTC, down 50.25% year-on-year.
BitInfoCharts also shows that Bitcoin’s average transaction fees are low, with recent average fees nearing 27 cents.
That gap is the center of this story. Although the number of transactions is increasing, the fee market has not followed at the same pace.
Miner revenue remains in a weak relationship
Bitcoin miners have become increasingly dependent on transaction fees since the April 2024 halving, when the block subsidy was reduced to 3.125 BTC, so controlling fees is important.
The subsidy of around 144 blocks per day remains the main source of income for miners. When network costs are low, fees contribute only a small percentage of the BTC equivalent, limiting the direct monetary benefit that miners can derive from increasing the number of transactions.
So the current surge in activity is not as simple as it was in previous periods when congestion caused prices to jump significantly. An increase in transactions may indicate an increase in demand for block space, but if those transactions are low value and have low fees, the impact on miners’ economies remains limited.
As a result, there are mixed signals in the Bitcoin market.
Meanwhile, blockchain is seeing the most activity in nearly two years, driven by real demand for small-scale transactions and data-linked use cases.
Meanwhile, the price of Bitcoin remains under pressure, sellers still dominate the short-term market structure, and the fee market does not show that users are willing to pay significantly higher prices for settlements.
That leaves Bitcoin with a crowded network and unanswered questions in the market. The question is whether this new wave of activity can turn into sustained economic demand, or whether it will remain just another burst of low-value traffic filling blocks without changing the broader investment landscape.
(Tag translation) Bitcoin
