$ 1 billion in BTC has been transferred to another wallet with a transaction fee of $ 4. Even though the commission seems very low, bitcoin’s transaction fees have increased by over 500% in the last month.
1 billion in BTC
Whale trades are not uncommon in the cryptocurrency world. In early July, someone transferred BTC worth $ 993 million (about $ 101,860 BTC) for about $ 0.48. It was about 0.5% of the total bitcoin supply.
Another transaction of this type took place yesterday. According to Whale Alert, someone sent 92,857 BTC, worth $ 1 billion, paying just $ 4 for a transfer.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 92.857 #BTC (1,092,603,630 USD) transferred from unknown wallet to unknown wallet
– Whale Alert (@whale_alert) August 6, 2020
While a transaction in the Whale Alert interface shows that the sender was Xapo, one user noted that this is not the case at all. Instead, he indicated that it was a BitGo fiduciary wallet for Bitstamp “which was transferred in October 2019”.
In any case, the transaction fee, while very low compared to what traditional financial institutions would charge for a transfer of this size, is still significantly higher than what was charged last month.
BTC transaction fees are rising
Indeed, when looking at the transaction fees, we can see a huge increase in the last 30 days.
Data from Bitinfocharts shows that as of July 5, the average BTC transaction fee was $ 0.835. Yesterday, the commission increased by over 540% and amounts to over $ 5.
This can be explained by the increased use of the web.
Looking at Mempool which displays the total size of the pending transactions in bytes.
We can see that on July 7th, that figure was around 10 million, while today it is at 48 million. In other words, people who want their transactions to be prioritized have to pay higher commissions to miners
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