Cryptocurrency activity surges as Bitcoin sees most daily transfers since early 2022

A significant spike in Bitcoin's on-chain transaction activity has been observed over the past three weeks, with the 30-day moving average reaching a 17-month high of 514,758 transactions per day as of April 10. According to data from Glassnode, this surge has brought the number of daily transactions back to levels last seen in December 2024, and has even surpassed the mid-September 2025 peak that preceded a major price rally. The smoothed network usage has now reached its highest point in 2026, suggesting a potentially robust bull market on the horizon. This uptick in on-chain activity has coincided with a bullish outlook for Bitcoin, with the cryptocurrency gaining over 8% in value over the past week to trade at approximately $72,880. As a result, Bitcoin's market capitalization has swelled by $8.1 billion in the past 24 hours, reaching a total of around $1.5 trillion by Friday, as reported by Finbold. Despite this renewed activity, Bitcoin's price remains 42% shy of its all-time high. The easing of geopolitical tensions, particularly in the Middle East, has been cited as a key driver of this increased activity, as previously noted by Finbold. However, a potential bull trap may be forming if transaction activity begins to slow and decline in the coming days. Furthermore, despite a modest rebound in spot exchange-traded funds led by BlackRock's IBIT, liquidity inflows into Bitcoin have remained relatively subdued, as observed by Finbold.