Bitcoin Microtransaction Surge Drives Network Activity to Near-Record Levels

Bitcoin's network activity is nearing record levels as microtransactions surge, even though the asset trades nearly 50% below its all-time high of $126,080.

Data from CryptoQuant shows transaction counts have risen steadily since January and are now at their highest level since late 2024, just 7% below the all-time activity peak recorded in September 2024. This marks the first positive reading from CryptoQuant's Network Activity Index since mid-2024.

The increase is concentrated in low-value transfers, with transactions under 0.01 BTC accounting for about 80% of daily Bitcoin transactions in 2026, up from around 44% in 2023. According to CryptoQuant head of research Julio Moreno, the economic value carried by these transactions remains disproportionately small compared to their volume.

The surge is largely attributed to data-inscription protocols such as Ordinals, Runes and BRC-20 tokens, along with time-stamping services. Moreno noted that continued growth in this kind of non-financial activity could increase competition for block space and raise fees for standard financial transactions.