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BTC Bitcoin Internet activity is close to all-time high
According to CryptoQuant\'s Bitcoin Internet Activity Index, although the trading price of the cryptocurrency is still below the all-time high, Bitcoin Internet activity is still close to all-time high. The index tracks indicators such as active addresses, transaction volume, unspent transaction output (UTXO) and demand for block space to measure actual activity on the network.
Internet usage surges
The Internet activity index curve is rising again and is returning to its peak levels in 2024-2025. The index is still above its 365-day moving average, further indicating that Internet usage is above the long-term average. According to CryptoQuant\'s analysis, this trend is different from previous market cycles-in the past, it was usually price increases that attracted new users as the main driving force. Instead, current network growth seems independent of BTC\'s price performance.
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The report points out that new applications built on top of Bitcoin are driving the growth of this activity. Ordinals allow users to permanently attach pictures, text, and non-homogeneous tokens to a single satoshis, creating a native digital asset ecosystem on the Bitcoin blockchain. BRC-20 tokens, based on the Ordinals protocol, also allow the creation of memoins and community tokens without the need for smart contracts.
At the same time, Runes, a token standard developed by Ordinals founder Casey Rodarmor, uses Bitcoin\'s UTXO model to improve efficiency while reducing network overhead.
These developments have increased the need for block space and expanded Bitcoin\'s capabilities beyond simple payments. The crypto analytics company added that Bitcoin is increasingly being used to store and verify data, while network adoption continues to grow, although broader market factors such as ETF funding flows, institutional demand and macroeconomic conditions continue to influence price movements.
Bitcoin under pressure
Bitcoin traded below $63,000 on Wednesday as investors remained cautious about risky assets. The decline was also driven by the continued outflow of cash Bitcoin ETFs, which have now withdrawn funds for the seventh consecutive week. So far this week, the U.S. spot Bitcoin ETF has recorded a net outflow of nearly $182 million, further putting pressure on the price of the crypto asset.
Geopolitical risks have not disappeared, even though the US-Iran negotiations in Switzerland have entered the negotiation stage. Bitunix analysts believe that investors may first need to see a turning point in the broader liquidity environment before crypto assets can attract meaningful new capital inflows. Analysts explained in a statement to the media: \"In the short term, easing geopolitical tensions should help control energy prices. But the next phase of risky assets will depend more on whether markets believe the Fed is preparing for a new tightening cycle than on whether the Strait of Hormuz remains open. This shift suggests that market volatility in the coming weeks will increasingly be driven by inflation reports, labor market data and Fed policy signals rather than geopolitical developments.\"
