Transaction counts on the Bitcoin network are climbing despite the top crypto asset trading nearly 50% from its all-time high price of $126,080.
Data gathered by crypto analytics firm CryptoQuant indicates that network activity has been steadily rising since January 2026, and recently reached its highest level since late 2024, now sitting just 7% below its all-time high activity levels recorded in September 2024.
“This above-trend reading has been sustained for several weeks and marks the first positive activity regime since mid-2024, contrasting sharply with Bitcoin's ongoing bear market price decline,” the firm wrote.
Total and daily average transaction counts have hit near-record highs according to the firm, which noted that activity had previously been contracting since December 2024.
Yet, while activity is rising, the economic value of those transactions is noticeably small.
“The economic content of these transactions differs materially from prior high-activity periods,” the report reads.
Transaction cohorts of less than 0.01 BTC and less than 0.001 BTC have each seen a sizable uptick, collectively representing around 80% of daily transactions—up from 44% in 2023, according to the CryptoQuant data. The firm views that as a sign of “protocol-driven activity,” which maintains high volumes, but low value per transaction.
Further evidence of this protocol-level drive is the correlated uptick in “OP_RETURN” usage, a Bitcoin transaction output field that allows users to attach information to their BTC transactions.
While the field previously had a byte limit, it was removed last year after a contentious debate.
“Usage has spiked to near-record levels in 2026,” the analytics firm wrote, highlighting Bitcoin NFT activity and time-stamping services among other OP_RETURN uses. “These protocols generate high volumes of dust-value transactions, directly explaining the low-value cohort surge.”
Though its network transaction count is rising, Bitcoin’s price is not. BTC is down 17% in the last 30 days of trading, recently changing hands at $63,865.
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