Bitcoin network activity has surged to its highest level since 2024, with daily transactions topping 800,000, but CryptoQuant says the increase is being driven largely by low-value protocol activity such as Ordinals, Runes and BRC-20 transactions rather than economic demand.

Activity on the Bitcoin network is surging, CryptoQuant said, but it's not correlating with price movement for its native asset.

Bitcoin network activity has surged to its highest level since 2024, with daily transactions topping 800,000, but CryptoQuant says the increase is being driven largely by…