Bitcoin processed over 56 million transactions in Q2 2026, setting a new quarterly record and surpassing the previous high of 55 million from Q3 2024. The surge signals growing network usage and reinforces Bitcoin’s shift beyond its store-of-value role. This comes as the BIP-110 proposal, a soft fork prioritizing fee-paying transactions, reached complete status on June 25, 2026. Michael Saylor outlined 110 reasons against the proposal, arguing that Bitcoin’s long-term strength lies in deeper adoption by public companies. Data shows Bitcoin’s valuation is rising faster than adoption, with the Metcalfe Ratio at 3.23, indicating growing speculation.
The BIP-110 proposal, known as the “Reduced Data Temporary Softfork,” reached complete status on June 25, 2026. The proposal introduces a soft fork that prioritizes fee-paying Bitcoin transactions over non-financial data.
Michael Saylor has emerged as one of the proposal’s most vocal critics. In a post on X, he outlined 110 reasons why he believes BIP-110 is a bad idea.
His criticism targets Version 1.0.0 of the proposal. In a follow-up post, Saylor argued that Bitcoin’s long-term strength lies in deeper adoption by public companies, rather than protocol changes aimed at expanding utility.
The on-chain data already reflects the growing focus on transaction activity. Bitcoin processed well over 56 million transactions in Q2 2026, setting a new quarterly record.
The surge signals growing network usage, reinforcing Bitcoin’s shift beyond its long-term store-of-value role. However, Bitcoin’s valuation is rising faster than its adoption.
Bitcoin’s Metcalfe Ratio is currently around 3.23. When the ratio rises, it means the price is moving further away from the growth in network participation.
This growing gap suggests that speculation is playing a larger role in driving BTC’s valuation, highlighting the growing speculative side of the current cycle. Saylor’s push for greater BTC exposure among public companies starts to make sense in this context.
As the market focuses more on consensus upgrades, network efficiency, and overall scalability, the debate around Bitcoin’s long-term fundamentals continues to grow. Rising speculative activity raises questions about whether BTC’s store-of-value narrative needs stronger institutional adoption.
