O número médio diário de transações de Bitcoin atinge o maior nível em 17 meses: que sinais a atividade na cadeia revela?

On-chain data is sending a noteworthy signal. Since 2026, the average daily number of Bitcoin transactions has increased by 62%, reaching 765,130 on April 5th, the highest in 17 months. This activity level is comparable to when Bitcoin first surpassed $100,000 during the 2024 U.S. presidential election. Meanwhile, the total fee revenue on the Bitcoin network over the past week has grown by 4%, reaching $153,700. The simultaneous rebound in transaction counts and fee income points to a structural change in underlying network demand.

Does the sharp increase in on-chain transaction counts reflect genuine demand growth?

The average daily transaction count has grown by 62% since the beginning of the year, driven by multiple factors. Analyst CW8900 notes that current Bitcoin daily transaction volume exceeds the level when BTC was priced at $120,000. Notably, the growth in transaction counts is not perfectly synchronized with fee revenue growth. Fee income has only increased by 4%, far below the 62% rise in transaction counts, indicating that the average fee paid per transaction has decreased. This phenomenon does not necessarily imply weakening demand. According to analyst Darkfost, the decline in fees mainly results from technical adjustments like inscriptions that optimize block space competition, rather than a reduction in network usage. With daily transaction volumes remaining in the hundreds of thousands, the low-fee environment actually lowers the participation barrier for ordinary users.

What does the moderate growth in fee revenue reveal about on-chain demand structure?

Looking at fee revenue composition, the popularity of native protocols like Ordinals and Runes has declined somewhat from its 2024 peak. However, overall network transaction volume has not decreased accordingly; instead, it has been filled by a more diversified set of transaction types. Continuous inflows into spot ETFs and institutional capital allocations manifest on-chain as larger Bitcoin transfers and more frequent address activity. The gradual increase in fee income from low levels indicates that users are willing to pay higher fees to prioritize their transactions. This aligns with Glassnode’s recent market report, which describes an “on-chain demand revival.” The current demand structure is shifting from speculative inscription booms toward broader asset transfers and store-of-value scenarios.

How does Bitcoin ecosystem expansion support active mainnet transactions?

The rise in Bitcoin network activity is not an isolated phenomenon. The ongoing development of Layer 2 solutions injects new vitality into the network. The Lightning Network’s channel capacity reached a record high of 5,800 BTC in December 2025, and remains above 5,600 BTC in early 2026. Active nodes number nearly 18,000, with about 75,000 channels. Additionally, client verification schemes like RGB are moving from technical discussions to practical testing, enabling issuance of assets and execution of complex logic on Bitcoin—offering an alternative to traditional Layer 2 solutions. Although these extensions are reflected as relatively few settlement transactions on the mainnet, each off-chain transaction ultimately requires mainnet confirmation, providing a stable incremental source of on-chain transaction counts.

What is the relationship between rising on-chain activity and Bitcoin price trends?

On-chain transaction counts are often viewed as key indicators of network health. However, in the current cycle, the relationship between transaction volume and price shows some notable shifts. In October 2025, Bitcoin hit a peak of about $126,000, but on-chain activity at that time did not reach current levels. Today’s average of 765,130 transactions per day exceeds the network activity level when Bitcoin was at $120,000. This dislocation suggests that underlying demand for Bitcoin is decoupling from price movements to some extent. The network is being used for more diverse purposes—beyond store-of-value and speculative trading—including asset issuance, payment settlements, and decentralized finance infrastructure. This diversification weakens the direct, linear dependence of on-chain activity on price.

How do rising transaction counts and declining exchange reserves shape market structure?

While on-chain activity has increased, Bitcoin reserves on exchanges continue to decline. As of April 2026, global exchange reserves have fallen to about 2.69 million BTC, the lowest in nearly three years. The 30-day moving average of net inflows remains negative, indicating Bitcoin is being systematically withdrawn from exchanges into cold wallets for long-term storage. This structural contraction on the supply side, combined with rising transaction counts, sends a dual signal: holders tend to prefer long-term holding over frequent trading; yet, demand for on-chain transactions persists despite reserve declines. This suggests that the current activity surge is driven more by new transaction demand and capital flows rather than a churn of existing holdings.

How does macroeconomic environment influence the sustainability of on-chain activity?

Macroeconomic factors are impacting Bitcoin’s on-chain activity from multiple angles. The Federal Reserve’s March FOMC meeting kept interest rates steady at 3.50–3.75%, diminishing expectations of rate cuts within the year. As liquidity easing expectations wane, Bitcoin’s safe-haven appeal is being re-evaluated. Fidelity’s data shows that in early April 2026, investor funds are flowing back from gold into Bitcoin, reversing the trend seen since late 2025. These macro shifts are prompting new capital allocation decisions, reflected on-chain as larger Bitcoin transfers and more frequent address activity. Whether on-chain activity can sustain depends on whether macro narratives continue to support risk-off demand and asset reallocation.

Are there structural risks associated with the recent rebound in on-chain activity?

A rebound in on-chain activity does not mean network risks are fully mitigated. According to Glassnode, Bitcoin’s total USD transaction volume has fallen to $24.4 billion daily, matching October 2020 levels. This indicates that while transaction counts are at 17-month highs, the average transaction size is decreasing. Many low-value transactions may include address poisoning attacks or micro-transactions under $1, which can generate noise. Despite the record high in transaction counts, overall liquidity remains challenged; derivatives markets’ daily Bitcoin trading volume has dropped to $12 billion, the lowest since 2022. The quality of on-chain activity—its economic value—remains a critical dimension to monitor.

Summary

Since 2026, Bitcoin’s average daily transaction count has increased by 62% to 765,130, reaching a 17-month high, with on-chain activity levels comparable to when BTC first surpassed $100,000 in 2024. Fee revenue has also grown by 4% to $153,700, which Glassnode interprets as a direct sign of “on-chain demand revival.” Factors driving this include the continued development of Layer 2 ecosystems, institutional demand via ETFs, and structural capital rotation from stablecoins to Bitcoin. However, total USD transaction volume remains low, average transaction size has decreased, and liquidity challenges persist, creating structural tensions behind the activity rebound. Whether on-chain activity can translate into deeper network value growth remains to be seen.

FAQ

Q1: What does reaching an average of 765,130 daily transactions imply?

This figure marks a 17-month high, comparable to the on-chain activity during Bitcoin’s first surge past $100,000 in 2024. Analysts note that current daily transaction volume even exceeds the level when BTC was at $120,000, indicating underlying network demand is rebounding.

Q2: Why has transaction count increased sharply while fee revenue only grew 4%?

The fee decline mainly results from technical adjustments like inscriptions that optimize block space competition, rather than a reduction in network usage. The low-fee environment lowers the participation barrier for ordinary users, facilitating more diverse transaction types on-chain.

Q3: Does the rebound in on-chain activity mean Bitcoin’s price will rise?

On-chain activity is an important indicator of network health but does not have a simple linear relationship with price. The current transaction volume exceeds the level when Bitcoin was at $120,000, suggesting that demand is becoming more diversified and less directly tied to price movements.

Q4: What factors are driving the increase in Bitcoin on-chain activity?

Main drivers include: ongoing development of Layer 2 solutions (like Lightning), progress in extension protocols such as RGB, institutional demand via ETFs, and capital rotation from stablecoins into Bitcoin.

Q5: Are there risks associated with the recent increase in on-chain activity?

Yes, certain risks exist. Total USD transaction volume remains at lows similar to October 2020, and the average transaction size is decreasing. Some transactions may be low-value noise, and derivatives market liquidity remains challenged, with daily Bitcoin trading volume at lows not seen since 2022.

Q6: How can one monitor changes in Bitcoin’s on-chain activity?

Key indicators include: daily transaction counts, fee revenue trends, active address counts, Lightning Network channel capacity and node numbers, exchange reserve changes, and stablecoin market cap movements. A comprehensive analysis of these metrics helps assess the quality and sustainability of on-chain activity.