Bitcoin’s onchain transaction count has climbed to its strongest level of 2026, a near-record pace not seen since late 2024 — yet the economic value behind those transactions tells a different story, according to a research note published by CryptoQuant last week.

Daily Bitcoin transactions have surpassed 800,000, more than doubling from lows recorded in 2025 and approaching the peak levels seen during the 2023–2025 bull cycle. The network’s activity index has broken above trend for the first time since December 2024, sitting just 7% below its all-time high activity levels recorded in September 2024. 

“This above-trend reading has been sustained for several weeks and…

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