Transaction counts on the Bitcoin network are witnessing a significant uptick, even as the leading cryptocurrency continues to trade nearly 50% below its all-time high of $126,080. Data compiled by the crypto analytics firm CryptoQuant reveals a steady increase in network activity since January 2026, reaching levels not seen since late 2024 and currently sitting just 7% below the peak activity recorded in September 2024.
CryptoQuant noted that this sustained above-trend activity has persisted for several weeks, marking the first positive activity regime since mid-2024. This surge in transactions contrasts sharply with Bitcoin’s ongoing price decline, which remains in a bear market.
According to the analytics firm, both total and daily average transaction counts have approached near-record highs after experiencing a contraction from December 2024. However, despite the uptick in transaction activity, the economic value of these transactions appears to be significantly lower compared to previous high-activity periods.
The report highlights a shift in transaction cohorts, indicating that transactions involving less than 0.01 BTC and those below 0.001 BTC have both surged. Collectively, these lower-value transactions represent about 80% of daily transactions, a substantial increase from 44% in 2023. CryptoQuant interprets this trend as indicative of “protocol-driven activity,” which results in high transaction volumes but lower per-transaction value.
Adding to this narrative is the increase in “OP_RETURN” usage, a Bitcoin transaction feature that allows users to embed information within their transactions. Following the removal of a byte limit last year, usage of OP_RETURN has surged to near-record levels in 2026. This rise is attributed to various applications, including Bitcoin-based NFTs and time-stamping services, which contribute to the volume of low-value “dust” transactions.
Despite the rise in network activity, Bitcoin’s trading price remains under pressure. Over the last 30 days, BTC has experienced a decline of 17%, recently trading at $63,865, underscoring the disconnection between increased transaction activity and the overall economic value within the Bitcoin ecosystem.
