Bitcoin network activity reaches a 2024 high, but transaction value remains low

MarsBit

Release Time: 06/22/2026 07:15:01

BTC

$64,140.80-0.32%

Summary

Bitcoin network activity reached a 2024 high, hitting 93% of the September 2024 peak, according to CryptoQuant data. Transaction volume increased, but most transactions were small, with those under 0.01 BTC and 0.001 BTC accounting for 80% of the total. The rise is driven by protocol-level activity, characterized by high volume but low value. OP_RETURN usage also surged, nearing 2026 levels, tied to NFTs and timestamping. Over the past 30 days, Bitcoin’s price declined 17% to $63,865.

Huoxing Finance reports, according to Decrypt, CryptoQuant data shows that despite Bitcoin’s price falling nearly 50% from its all-time high, network activity has continued to rise, reaching its highest level since the end of 2024—just 7% below the historical peak in September 2024. Analysis indicates this is the first sustained period above the trend line since mid-2024, sharply contrasting with Bitcoin’s bearish price movement. However, alongside the rise in activity, the economic value of transactions remains notably low. The share of transactions under 0.01 BTC and under 0.001 BTC has increased from 44% in 2023 to approximately 80%, which CryptoQuant identifies as a sign of “protocol-driven activity”: high transaction volume but low per-transaction value. OP_RETURN usage also surged in 2026, nearing historical highs, driven by applications such as Bitcoin NFT activity and timestamping services. Bitcoin’s price has declined 17% over the past 30 days and is currently around $63,865.

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