Bitcoin (BTC) Transaction Fees Suddenly Skyrocket to Incredible Levels

Bitcoin transaction fees have suddenly surged to as much as 10 times normal. Here’s what data shows is the main culprit clogging the BTC network.

OKX is reportedly moving thousands of Bitcoin Unspent Transaction Outputs (UTXOs) into its hot wallets. This activity is taking place with fees that are more than 10 times the average fee observed in the past 24 hours.

The Bitcoin network is currently experiencing significant congestion, with a staggering number of transactions waiting for confirmation in the mempool. As a result, users are being forced to pay over 500 satoshi per byte to have a transaction processed immediately, which translates to around $50-100 for a typical transfer.

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This exorbitant fee rate means that a significant portion of the Bitcoin that OKX is trying to consolidate is going to miners. For example, a fee of $15,000 was paid to consolidate UTXOs with a total value of just $48,000 in one transaction, representing over 30% of the total value.

The Bitcoin network is currently struggling with over 330,000 unconfirmed transactions, and memory usage has risen to 1.35 GB. Under these conditions, OKX is suspected of consolidating and batching its user wallets, a move that has caught the attention of many in the cryptocurrency community.