CryptoOnchain based this report on the Transaction Count metric, which tracks the number of confirmed transactions on a blockchain network (Bitcoin, in this case) at a given time. According to the analyst, the 14-day Simple Moving Average (SMA-14) of the cryptocurrency’s transaction count surged to as high as 540,000, marking a peak level for the year 2025.
As highlighted by CryptOnchain, a surge in a network’s transaction count typically suggests a significant increase in the fundamental demand and network usage. The pundit also explained that this demand may have been amplified by protocols such as Bitcoin Ordinals and Runes.
According to CryptoOnchain, the notable thing about this on-chain development is the bullish convergence between the metric and Bitcoin’s price since July.
As of this writing, Bitcoin is valued at about $115,744, reflecting an over 1% decline in the past 24 hours. While the market leader seems to be under a slight bearish pressure, a broader look shows that BTC is only stuck in a consolidation range. According to data from CoinGecko, the flagship cryptocurrency has barely changed in the past week.
