Bitcoin Network Transaction Activity Hits 2-Year High While BTC Falls 50% Below $126K Peak

According to CryptoQuant, Bitcoin network transaction activity has risen to its highest levels since late 2024 since January 2026, reaching 7% below all-time high volumes recorded in September 2024. This surge occurs despite BTC trading nearly 50% below its peak price of $126,080, with Bitcoin down 17% over the last 30 days and recently trading at $63,865.

Small-value transactions have driven the uptick, with transfers of less than 0.01 BTC and 0.001 BTC collectively comprising around 80% of daily network activity, up from 44% in 2023. CryptoQuant attributed the trend to protocol-driven activity, including Bitcoin NFT transactions and time-stamping services, which generate high volumes of low-value transfers.