Bitcoin Network Fees Soar to $52, 10x Average, Amid OKX Consolidation

Jun 7, 2024, 03:21 PM

The Bitcoin network is experiencing significant congestion, with transaction fees soaring to 520 sat/vbyte (~$52). This spike is attributed to the OKX exchange, which is reportedly consolidating thousands of UTXOs (Unspent Transaction Outputs) into its hot wallet. The current fee rate is over 10 times the average of the past 24 hours, leading to more than 330,000 unconfirmed transactions. Typically, Bitcoin fees range from 15-20 sat/vbyte, but the current situation has driven them to unprecedented levels, with some transactions reported at a 525 fee rate.