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On-chain data indicates that Bitcoin’s network activity has rebounded after months of weakness, with the number of transactions reaching 615,000—its highest level since November 2024.
CryptoQuant, in a post on X, pointed to a recent revival in Bitcoin usage using its “Network Activity Index.” The index aggregates multiple blockchain metrics, including active addresses and transaction activity, to provide an overall view of network activity.
According to the chart referenced by CryptoQuant, the Network Activity Index fell below its 365-day moving average in late 2024 and stayed in a downtrend throughout 2025. The decline continued into the first quarter of 2026, but the indicator has since reversed direction in the second quarter.
Alongside the improvement in the Network Activity Index, the total number of transactions on the Bitcoin network has surged. The 7-day simple moving average (SMA) of the transaction count, which had been subdued earlier, has risen sharply to a peak of 615,000.
CryptoQuant described this as the highest transfer activity on the BTC blockchain since November 2024, when the broader activity decline began.
While transaction counts have increased, the total fees earned by Bitcoin miners have remained at low levels. The article notes that transaction fees often reflect user demand for network usage: when congestion rises and users compete to have transactions confirmed quickly, average fees typically increase. When demand is weaker, fees tend to stay lower.
The Network Activity Index suggests a spike in network usage. However, the persistence of low fees could imply that the activity is not solely driven by organic demand for faster transfers. Instead, the article suggests that exchanges, custodians, and large holders may be taking advantage of the current low-fee environment for operational actions such as UTXO management and wallet reshuffling.
Bitcoin recovered above $70,000 on Monday, but has since retraced back to around $69,000.
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