Bitcoin daily transactions hit a 17-month high

The number of transactions (30-day Moving Average) on the Bitcoin (BTC) blockchain has exploded over the past three weeks, hitting a 17-month peak on April 10.

The number of Bitcoin transactions (30D SMA), which shows the total number of confirmed on-chain transactions per day, has surged to 514,758 at press time. As such, the number of transactions (30D SMA) for BTC retested the same level it was in mid December 2024, according to metrics from Glassnode.

Additionally, this on-chain metric surged above the level it was at in mid-September 2025, right before Bitcoin’s price surged to an all-time high (ATH) in the subsequent days. Notably, the smoothened network usage has rallied to the highest level in 2026, thereby signaling a potential healthy bull market in the near term.

On-chain activity for Bitcoin surges amid bullish sentiment

The rise in on-chain activity on the Bitcoin network has coincided with bullish sentiment for BTC. The flagship coin has surged by over 8% in the past seven days, trading at about $72,880 at press time. As a result, the digital asset added $8.1 billion to its market capitalization over the past 24 hours, bringing it to around $1.5 trillion on Friday, as per data from Finbold.

Although the Bitcoin activity is retesting its 17-month peak, its price is still 42% from its ATH. The renewed BTC activity has been catalyzed by easing geopolitical tensions, especially in the Middle East, as Finbold reported earlier this week.

However, if Bitcoin activity slows and declines in the coming days, the BTC price could be forming a potential bull trap. Moreover, liquidity inflows into BTC have remained relatively low, as Finbold noted, despite a decent rebound in spot exchange-traded funds (ETFs) led by BlackRock’s IBIT.