ChainCatcher reported that, according to CryptoQuant data, Bitcoin network activity has climbed to a level only about 7% below the historical peak reached in September 2024. The metric has also moved above its long-term trend line for the first time since mid-2024. CryptoQuant said the main driver behind the rebound is a large volume of small transactions, rather than traditional economic payment activity.
Small transactions dominate the rise in activity
CryptoQuant’s data shows that Bitcoin’s daily transaction count in 2026 has exceeded 800,000. That figure is more than double the low recorded in 2025 and is now close to the cycle highs seen across the 2023 to 2025 period. The firm described the increase as having structural characteristics, rather than being a short-lived fluctuation in network usage.
The composition of transactions has changed sharply. Transactions below 0.01 BTC now account for about 80% of Bitcoin network activity, compared with roughly 44% in 2023. CryptoQuant linked this shift to OP_RETURN usage approaching historical highs, indicating that demand for writing data to the blockchain is playing a major role in reshaping the transaction mix on Bitcoin.
Inscriptions and data-writing protocols add pressure to the mempool
The report noted that Runes, Ordinals, BRC-20 and data timestamping services generate large numbers of low-value transactions by writing data into blocks. Some of these transactions are as small as 546 satoshis. As inscription-related activity has increased, the number of pending transactions in Bitcoin’s mempool has risen to about 128,000, the highest level since February 2025.
CryptoQuant said the current backlog remains below the extreme congestion levels recorded in September 2023 and November 2024. Even so, the report stated that non-financial use cases are taking up a growing share of Bitcoin’s network throughput. If the trend continues, transaction fees for time-sensitive economic transfers would face upward pressure.
The increase in on-chain activity contrasts with recent fund flows. Bitcoin and Ethereum spot funds recorded combined net outflows of more than $528 million. At the same time, institutional investors continue to regard ETF capital flows as a core driver of the current cycle and maintain a baseline expectation that Bitcoin will reach $150,000 by year-end.