Activity on the Bitcoin network has surged considerably in recent weeks. According to blockchain analytics firm CryptoQuant, network participation has been steadily rising since January 2026, reaching its most elevated levels since late 2024. The current figures show the network’s transaction activity is now just 7% below the all time peak recorded in September 2024.
Rising network activity contrasts with weak price performance
This increase in network usage comes despite a sluggish Bitcoin price. The world’s largest cryptocurrency is currently trading about 50% beneath its all time high of $126,080, having retreated 17% over the past month. Latest data indicates that BTC was recently changing hands at $63,865.
CryptoQuant highlighted that this continued high level of network activity marks the first sustained positive momentum since mid 2024, forming a stark contrast with Bitcoin’s ongoing downturn.
The firm’s analysis reveals that both the total number of transactions and the average daily transaction count are closing in on record territory. Network activity had previously entered a period of contraction after December 2024, making the recent upward trend notable not only for the increase in transactions but for the reversal in direction.
Small transactions dominate network activity
Despite the uptick in activity, the economic value of these transactions has remained limited. Data from CryptoQuant shows a marked rise in transactions below 0.01 BTC and under 0.001 BTC, categories that together now represent approximately 80% of all daily Bitcoin transfers. As a comparison, this figure stood at just 44% in 2023.
The report suggests this shift indicates network activity is now fueled less by large-value transfers and more by a high frequency of smaller-value transactions. CryptoQuant refers to this pattern as protocol-driven activity. So while the transaction count surges, the average value per transaction is notably lower than in previous high-activity periods.
Surge in OP_RETURN usage stands out
The analysis also points to increased usage of Bitcoin’s OP_RETURN function as a key factor behind the trend. OP_RETURN serves as a transaction output field allowing for the embedding of metadata in Bitcoin transactions. Previously capped by a byte limit, this restriction was lifted following discussions last year, expanding its potential applications.
Mini glossary: OP_RETURN is a technical field in the Bitcoin blockchain that allows a limited amount of additional data to be included with transactions. It is commonly used for timestamping services and digital collectible applications.
CryptoQuant observed that OP_RETURN usage in 2026 is once again approaching record highs. The firm attributes this rise to both growing Bitcoin NFT activity and expanding timestamping services, which, by generating a large volume of low-value transactions via various protocols, directly explains the surge in small transfers across the network.
CryptoQuant concludes that while the Bitcoin network is experiencing a revival of activity, the makeup of this revival differs significantly from earlier cycles. This latest surge is characterized by an expansion of smaller transactions, and the lack of alignment with price performance is now one of the market’s central topics of debate.
