Bitcoin Network Activity Hits 18-Month High Since December 2024

On-chain data analytics firm CryptoQuant announced on X on June 18 (local time) that Bitcoin's Network Activity Index reached its highest level since December 2024. The surge is driven by a sharp increase in micro-transactions below 0.01 BTC, which now constitute approximately 80% of all Bitcoin transactions, up from under 50% in 2023. CryptoQuant attributed the growth to heightened on-chain activity rather than transaction value, with OP_RETURN usage nearing record highs fueled by Runes, Ordinals, and inscriptions. The network has consistently exceeded its long-term trend line since March this year, signaling recovery from a contraction phase that began last year.

CryptoQuant Reports Network Activity Surge

CryptoQuant stated on X that Bitcoin network activity has been rising throughout this year. According to the provided chart, network activity has consistently remained above the long-term trend line since March, indicating sustained user engagement. The firm emphasized that the increase reflects user activity recovery following a network contraction phase that persisted from last year.

Micro-Transactions Dominate Bitcoin Network

Micro-transactions below 0.01 BTC now account for approximately 80% of all Bitcoin transactions, CryptoQuant reported. This marks a significant increase from under 50% in 2023. The firm noted that OP_RETURN usage is approaching record highs, driven by Runes, Ordinals, and inscriptions.

Activity-Driven Growth Pattern

CryptoQuant characterized the surge as "activity-driven, not value-driven." The firm clarified that the increase in network activity stems from a higher volume of on-chain transactions rather than growth in transaction value.

FAQ

What level did Bitcoin network activity reach on June 18?

CryptoQuant announced that Bitcoin's Network Activity Index reached its highest level since December 2024 on June 18 (local time).

How much of Bitcoin transactions are micro-transactions below 0.01 BTC?

Micro-transactions below 0.01 BTC now make up approximately 80% of all Bitcoin transactions, up from under 50% in 2023, according to CryptoQuant.