Analysis: Bitcoin network activity is approaching historical highs, with small transactions and inscription activities driving daily trading volume to over 800000 transactions According to BlockBeats, on June 19th, CryptoQuant data showed that the activity of the Bitcoin network has risen to a level only about 7% from its historical peak in September 2024, and has broken through the long-term trend line for the first time since mid-2024, mainly driven by a large number of small transactions rather than traditional economic payment activities. The daily transaction volume of Bitcoin in 2026 has exceeded 800000, more than doubling from the low point in 2025 and approaching the high point of the 2023-2025 cycle. CryptoQuant believes that this growth has structural characteristics rather than short-term fluctuations. Among them, the proportion of small transactions below 0.01 BTC has risen to about 80%, far higher than about 44% in 2023. This change is closely related to the near historical high usage of OP-RETURN. CryptoQuant pointed out that protocols such as Runes, Ordinals, BRC-20, and data timestamp services generate a large number of low value transactions by writing data to blocks, with some transaction amounts as low as 546 Cong. With the increase of inscription activities, the backlog of transactions in the Bitcoin memory pool has risen to about 128000, the highest level since February 2025. Although still below the extreme congestion levels of September 2023 and November 2024, the report suggests that non-financial transactions are taking up an increasing amount of Bitcoin network throughput. If this trend continues, it may push up economic transaction fees that require high timeliness. At the same time, the increase in on chain activity contrasts with the flow of funds. On June 1st, the total net outflow of Bitcoin and Ethereum spot funds exceeded $528 million, but institutional investors still consider ETF fund flows as the core driving force of this cycle and maintain the benchmark expectation of Bitcoin reaching $150000 by the end of the year. [Original link]