PANews, June 22 – According to Decrypt, CryptoQuant data shows that although Bitcoin’s price has fallen nearly 50% from its all-time high, network activity continues to rise, recently reaching its highest level since late 2024 and sitting just 7% below the historical peak set in September 2024. Analysis indicates this is the first sustained period of activity above the trend line since mid-2024, forming a stark contrast with Bitcoin’s bearish price action.

However, alongside the growth in activity, the economic value of transactions is notably low. The share of transactions smaller than 0.01 BTC and smaller than 0.001 BTC has risen from 44% in 2023 to approximately 80%. CryptoQuant views this as a hallmark of “protocol-driven activity”—high transaction volume but low per-transaction value. OP_RETURN usage also surged to near all-time highs in 2026, involving applications such as Bitcoin NFT activity and timestamping services. Bitcoin’s price has fallen 17% over the past 30 days and currently stands at around $63,865.