Transaction activity on the Bitcoin network has increased significantly in recent weeks. According to data from crypto analysis company CryptoQuant, network activity has gradually increased since January 2026, recently reaching the highest level seen since late 2024. The current chart is only 7% below the historical peak recorded in September 2024.
Price remains weak while network activity rises
This increase occurred despite the weak course of Bitcoin price. The largest crypto asset is trading nearly 50% below its all-time high of $126,080 and is down 17% in the last 30 days. According to the latest data reported in the news, BTC price changed hands at $ 63,865.
CryptoQuant noted that this trend in network activity has been above average for several weeks and marks the first period of positive activity since mid-2024, which stands in marked contrast to the ongoing decline in Bitcoin price.
According to the company’s evaluation, the total number of transactions and the average number of transactions per day have reached record levels again. However, activity on the network tended to shrink after December 2024. Therefore, the latest rise draws attention not only with the increase in the number of transactions but also with the change in direction compared to the previous period.
Small amount transactions came to the fore
In contrast, the economic size of transactions on the network remained limited. CryptoQuant data shows a significant increase in trading groups below 0.01 BTC and below 0.001 BTC. These two segments together account for approximately 80% of daily transactions. The same rate was at 44% in 2023.
According to the report, this change indicates that the activity in the network is not fueled by high-amount transfers, but rather by low-value and high-volume transactions. The company defines this structure as protocol-driven activity. In such a table, although the number of transactions increases, the value transferred per transaction remains relatively low.
The use of OP_RETURN attracted attention
In the analysis, it was noted that one of the factors supporting this trend was the increase in the use of OP_RETURN. OP_RETURN is known as an output field that allows additional data to be written to Bitcoin transactions. In the past, a byte limit was applied to this field, but after last year’s discussions, this limit was removed.
Mini dictionary: OP_RETURN is a technical field that allows additional data of limited size to be attached to transactions on the Bitcoin blockchain. This structure can be used in applications such as timestamping services or digital collections.
The company stated that the use of OP_RETURN has reached record levels again in 2026, that Bitcoin NFT activity and time stamping services are also effective in this increase, and that such protocols directly explain the increase in small volume transactions in the network by producing a large number of transactions with low amounts.
CryptoQuant emphasized that the emerging data shows that vitality in the Bitcoin network is strengthening, but that this vitality has a different composition than previous periods of high activity. While smaller transactions are at the center of the current increase, the fact that price performance does not move in the same direction has become one of the topics that the market watches carefully.
