Bitcoin network activity has continued to rise even as the asset trades about 50% below its all-time high, according to CryptoQuant data cited by Decrypt.
According to ChainCatcher, the data show activity recently reached its highest level since late 2024, sitting about 7% below the record set in September 2024. Analysts said this marks the first period since mid-2024 in which activity has remained consistently above its trend line, diverging from bitcoin’s bearish price action.
CryptoQuant also reported that the economic value of transactions appears relatively low despite higher activity. Transactions smaller than 0.01 BTC and smaller than 0.001 BTC rose from 44% of activity in 2023 to about 80%, which the firm described as a sign of “protocol-driven activity,” characterized by high transaction counts but low value per transaction.
Separately, OP_RETURN usage in 2026 surged to near all-time highs, tied to applications such as bitcoin NFT activity and timestamping services.
Bitcoin has fallen 17% over the past 30 days and was trading around $63,865 at the time of the report.
CryptoQuant Data Show Bitcoin Network Activity Near Peak Despite Price Decline
2026-06-22 07:30:45
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