$120K Fee for 1 BTC Transfer — What Happened?
The post $120K Fee for 1 BTC Transfer — What Happened? appeared on BitcoinEthereumNews.com.
Key Notes A Bitcoin user paid an unexpected $120,381 fee to send less than 1 BTC, likely due to a manual error or test. Similar incidents have happened before, showing the risks of setting onchain fees manually. Bitcoin hit a record high above $111,000, with growing interest from investors and banks like JPMorgan. A recent Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B transaction received considerable attention after a market participant paid a fee of $120,381 to complete just one transfer. The high fee surprised many people and raised questions about what happened. Some wondered how such a big mistake could have occurred, sparking fear of a potential network glitch. What Caused the Massive Bitcoin Fee? This transaction came to light when Whale Alert, a blockchain tracking service, spotted it with a fee of 1.0 BTC. According to the update, it was worth over $120,381. 💸 A fee of 1.0 #BTC (120,381 USD) has just been paid for a single transaction!https://t.co/1TctuBjO5V — Whale Alert (@whale_alert) May 22, 2025 This is a significant departure from the usual fees that range between a few cents and a few dollars, even during periods of network congestion. It is important to add that the blockchain records show that the wallet involved moved less than 1 BTC, making the transaction fee even more unusual. Some in the crypto community believe it might have been a mistake caused by the user manually entering the wrong fee. Still, others suggest it could have been intentional, perhaps to draw attention or test the network’s processing system. However, no clear explanation has emerged yet. These kinds of incidents aren’t new in the crypto space. In December, another user paid 8.18 BTC, valued at over $800,000 at the time, for a transaction involving…
Filed under: News - @ May 22, 2025 1:27 pm