Bitcoin network activity index re-enters bull phase as sub-0.01 BTC transfers reach about 80% of on-chain activity

CryptoQuant’s network activity index has moved back into what it classifies as a bull phase after crossing above its 365-day moving average. The firm says the latest rise is being driven heavily by Runes and Ordinals-related microtransactions rather than larger economic transfers. BTC was at $62,500 at the time of writing, down 2.5% over 24 hours.