BlockBeats reported on June 19 that, according to CryptoQuant data, Bitcoin network activity has climbed to a level only about 7% below its historical peak recorded in September 2024. The metric has also broken above its long-term trend line for the first time since mid-2024. CryptoQuant attributed the move primarily to a large volume of small transactions rather than traditional economic payment activity.
Daily Bitcoin transactions exceed 800,000
CryptoQuant data shows that Bitcoin daily transactions in 2026 have surpassed 800,000. That figure is more than double the low recorded in 2025 and is close to the cycle highs seen between 2023 and 2025. CryptoQuant said the increase now shows structural characteristics instead of appearing as a short-term fluctuation. In this framing, the rise in on-chain activity is tied to a sustained change in transaction composition.
Transactions below 0.01 BTC now account for roughly 80% of all Bitcoin transactions, far above the approximately 44% level seen in 2023. This shift indicates that the increase in transaction count is being driven more by a concentration of low-value transfers than by a comparable expansion in large-value transfers or conventional payment demand.
Inscriptions and OP_RETURN usage reshape network load
CryptoQuant noted that the higher share of small transactions is closely connected to OP_RETURN usage approaching historical highs. Protocols and services such as Runes, Ordinals, BRC-20 and data timestamping write data into blocks, generating large numbers of low-value transactions. Some of those transactions are as small as 546 satoshis. As inscription-related activity increases, the number of transactions processed on the Bitcoin network has also been pushed higher.
At the same time, the Bitcoin mempool backlog has risen to about 128,000 transactions, the highest level since February 2025. This remains below the extreme congestion levels recorded in September 2023 and November 2024, but the report said non-financial transactions are taking up a growing share of Bitcoin network throughput. If the trend continues, it may raise fees for time-sensitive economic transactions. The increase in on-chain activity also contrasts with fund flows: on June 1, Bitcoin and Ethereum spot funds recorded combined net outflows of more than $528 million. Institutional investors, however, still view ETF flows as a core driver of the current cycle and maintain a baseline expectation that Bitcoin will reach $150,000 by year-end.