After months of slump, activity on the Bitcoin network suddenly picked up, with the number of transactions reaching 615,000, according to on-chain data.
Bitcoin transaction count reaches highest level since November 2024
In a new thread on X, on-chain analytics firm CryptoQuant discussed the resurgence Bitcoin network activity has recently witnessed. CryptoQuant cited its “Network Activity Index” to indicate its recovery. This index combines data related to various metrics such as active addresses and transactions to provide an overview of the blockchain.
The index appears to have broken above the 365-day moving average in recent days | Source: CryptoQuant on X
From the chart above, we can see that the Bitcoin Network Activity Index fell below its 365-day moving average (MA) in late 2024 and continues its downward trend throughout 2025. This trajectory continued until the first quarter of 2026, but since the start of the second quarter, the indicator’s fortunes seem to have reversed.
The Network Activity Index not only managed to break through its 365-day moving average, but it also surged in value and broke through sharply. This reversal in indicators occurred in parallel with a sharp increase in the total number of transactions occurring on the Bitcoin network.
How the total number of transactions on the BTC network has changed over the past few years | Source: CryptoQuant on X
As shown in the graph, the 7-day simple moving average (SMA) of the number of Bitcoin transactions was previously subdued, but the recent sharp resurgence has brought its value to a high of 615,000. This is the largest amount of transfers on the BTC blockchain since November 2024, when the decline in activity began.
Interestingly, despite the surge in transactions, the total fees Bitcoin miners earn on the network remains low.
Total fees on the BTC network have been lower since the end of 2024 | Source: CryptoQuant on X
Transaction fees can be correlated to the demand for using the network that exists among users. Because the BTC blockchain has limited capacity to process transfers, average fees can rise during periods of network congestion as senders compete with each other to get their transfers through first. In contrast, if there are not many requests for a quick move, fees may remain low.
Although network activity indexes suggest that a spike in usage has been observed on the Bitcoin network, the fact that fees remain low may suggest that the cause is not entirely organic demand, but rather the result of exchanges, custodians, and large holders taking advantage of the current low-fee competitive environment to make operational moves such as UTXO management and wallet rotations.
BTC price
Bitcoin soared above $70,000 on Monday, but has since rebounded to $69,000.
Coin price trend in the past 5 days | Source: BTCUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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