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Analysis: Bitcoin network activity approaches historical highs, with small transactions and inscription activities driving daily transaction volume past 800k transactions
Mars Finance News, on June 19, CryptoQuant data showed that Bitcoin network activity has risen to a level only about 7% away from the historical peak recorded in September 2024, and for the first time since mid-2024 it has broken above the long-term trend line. The main driver comes from a large number of small transactions rather than traditional economic payment activity.
By 2026, the number of daily Bitcoin transactions has exceeded 800,000, up by more than double from the 2025 low and nearing the high points of the 2023 to 2025 cycle. CryptoQuant believes this growth has structural characteristics rather than being driven by short-term fluctuations.
Among them, the share of small transactions below 0.01 BTC has risen to around 80%, far higher than about 44% in 2023. This change is closely tied to near-historic levels of OP_RETURN usage. CryptoQuant noted that protocols such as Runes, Ordinals, BRC-20, and data timestamp services generate large numbers of low-value transactions by writing data into blocks, with some transaction amounts as low as 546 satoshis.
As inscription activity increases, the number of backlogged transactions in the Bitcoin mempool has risen to about 128,000, the highest level since February 2025. Although it is still below the extreme congestion levels of September 2023 and November 2024, the report suggests that non-financial-use transactions are taking up an increasing share of Bitcoin network throughput. If this trend continues, it may push up transaction fees for economic transfers that have higher requirements for timeliness.
Meanwhile, the rise in on-chain activity contrasts with capital flow trends. On June 1, Bitcoin and Ethereum spot funds together saw net outflows of more than $528 million, but institutional investors still view ETF fund flows as the core driver of this cycle and maintain a baseline expectation that Bitcoin will reach $150,000 by year-end.