Bitcoin Network Activity Surges to Near-Record Levels

Bitcoin's network activity has reached an all-time high, coming close to its historical peak in September 2024. According to CryptoQuant data, it has broken above a long-term trendline for the first time since mid-2024.

The growth is driven mainly by small transactions rather than traditional economic payment activity. The percentage of small transactions below 0.01 BTC has risen to about 80%, significantly higher than the approximately 44% in 2023.

Protocols such as Runes, Ordinals, BRC-20, and data timestamp services are generating a large number of low-value transactions by writing data to the blockchain. Some transaction amounts have gone as low as 546 sats.

The increase in on-chain activity has led to a rise in stuck transactions in the Bitcoin mempool, reaching around 128,000 transactions, the highest level since February 2025.