Bitcoin network activity is approaching record levels as low-value transactions make up a larger share of daily usage, according to CryptoQuant reporting and direct commentary from the analytics firm. The increase comes even as Bitcoin’s price action has remained muted, suggesting the activity spike is being driven more by transaction composition than directional market momentum.
CryptoQuant’s official account said microtransactions below 0.01 BTC now make up roughly 80% of all Bitcoin transactions, up from less than 50% in 2023. The firm also said OP_RETURN usage is nearing record highs, pointing to renewed demand for data-heavy activity on Bitcoin.
Bitcoin network activity is surging.
Micro-transactions below 0.01 BTC now make up ~80% of all BTC transactions, up from under 50% in 2023, while OP_RETURN usage nears record highs driven by Runes, Ordinals, and inscriptions.
The surge is activity-driven, not value-driven. pic.twitter.com/ssAYPfEfmq
— CryptoQuant.com (@cryptoquant_com) June 18, 2026
Ordinals and Runes Drive Block Space Demand
Coverage citing CryptoQuant’s head of research, Julio Moreno, said Bitcoin’s Network Activity Index has moved into positive territory for the first time since 2024. The same reporting said the index is now about 7% below its September 2024 all-time high.
The increase appears tied largely to Ordinals, Runes, BRC-20 tokens and other data-heavy uses competing for Bitcoin block space. These transaction types can push activity higher even when the broader market is not showing a strong price breakout.
CryptoQuant’s public Bitcoin Network Activity dashboard serves as the direct dataset reference for network-activity monitoring, but the accessible public page does not expose every underlying value in plain text. For that reason, the 7% gap from the record high should remain attributed to reporting that cites Moreno’s CryptoQuant analysis.
The pattern is not entirely new. Similar congestion appeared in 2023 during the first wave of Ordinals and BRC-20 activity, then again in late 2024 after the launch of Runes.
Current Congestion Still Needs Careful Reading
Even with activity rising, the available reporting says current congestion remains below earlier inscription-driven peaks. That matters because high transaction counts do not always translate into the same fee pressure, confirmation delays or mempool stress seen during previous surges.
The key issue is how durable the activity becomes. A temporary burst of inscription or token-related demand would carry a different network signal than sustained growth in everyday Bitcoin payments or settlement usage.
For miners, higher activity can support fee revenue if block space competition intensifies. For users, however, renewed data-heavy demand can also create higher transaction costs and slower confirmations during peak periods.
The safest reading is that the microtransaction and OP_RETURN trend is directly supported by CryptoQuant’s public commentary, while the Network Activity Index level and 7% distance from the all-time high still depend on the cited CryptoQuant report and dashboard interpretation.
For now, the signal is clear but incomplete: Bitcoin activity is rising again, low-value transactions are taking a larger share of usage, and data-driven protocols appear to be a major driver. The next test will be whether this activity persists or fades like earlier inscription-led cycles.