Bitcoin’s on-chain network activity has surged after months of decline, with daily transactions reaching their highest level since November 2024. Analytics firm CryptoQuant reports the spike occurred while fees remained low, suggesting operational moves by large holders. However, exchange trading volumes stay subdued, and Bitcoin’s price continues to struggle below the $70,000 mark.
Activity on the Bitcoin network has increased sharply following a prolonged decline, according to data from the analytics provider CryptoQuant. Its Network Activity Index, which tracks addresses and transactions, indicates the daily Bitcoin transaction count is now around 615,000.
The firm noted this shift is happening while BTC fees remain relatively low. It stated that part of this activity spike may be operational, not just organic demand, as low fees make it cheaper for large entities to consolidate funds.
Meanwhile, exchange volumes remain low, suggesting the activity may not directly correlate with price action. Glassnode reported the recent breakout follows a period of compression but participation remains light.
On-chain data firm Santiment noted that crowd sentiment shows the third-highest “greed score” in about three months. “With optimism high, remember that markets typically move opposite to the crowd’s expectations,” the firm stated.
Bitcoin’s price tapped $70,000 before retreating to around $68,500, remaining in a prolonged range. Analyst Scott Melker said if history is any guide, this sideways inactivity could easily stretch another hundred days.
