I can't believe how Ordi and Sats are suddenly surging again! I never expected so many people to be playing inscriptions! The high number of participants has pushed Bitcoin network activity close to record highs! Small transactions and inscription activities have driven daily trading volume to break through 800k transactions! The highest level since February 2025!

It seems that the inscriptions, which have been silent domestically, are not abandoned overseas. As an important part of the Bitcoin ecosystem, they still possess strong vitality! Currently, the activity level of the Bitcoin network is still largely supported by inscriptions!
On June 19, CryptoQuant data showed that Bitcoin network activity has risen to about 7% below the September 2024 historical peak, and for the first time since mid-2024, it has broken through the long-term trend line, mainly driven by a large number of small transactions rather than traditional economic payment activities.
By 2026, the daily number of Bitcoin transactions has exceeded 800k, more than doubling the low point of 2025, approaching the high point of the 2023-2025 cycle. CryptoQuant believes this growth has structural characteristics rather than short-term fluctuations.
Among them, small transactions below 0.01 BTC have increased to about 80%, far higher than the approximately 44% in 2023. This change is closely related to the near-record high usage of OP_RETURN. CryptoQuant pointed out that protocols like Runes, Ordinals, BRC-20, and data timestamp services generate a large number of low-value transactions by writing data to blocks, with some transaction amounts as low as 546 satoshis.
As inscription activities increase, the backlog of transactions in the Bitcoin mempool has risen to about 128k, the highest level since February 2025. Although still below the extreme congestion levels of September 2023 and November 2024, the report suggests that non-financial transactions are occupying an increasing share of Bitcoin network throughput. If this trend continues, it could push up transaction fees for time-sensitive economic transactions.
Meanwhile, the rise in on-chain activity contrasts with capital flows. On June 1, a total of over $528 million net outflow occurred from Bitcoin and Ethereum spot funds, but institutional investors still view ETF fund flows as the core driver of this cycle and maintain the baseline expectation that Bitcoin will reach $150k by the end of the year. $ORDI