Bitcoin network transactions and fees surge amid investor de-risking
The number of transactions on the (BTC) network has spiked over the past week, with blockchain analysis firm Glassnode suggesting that they are “urgent” transactions due to investors de-risking.
A sudden influx of 42,800 transactions hit the mempool on Bitcoin last week. Glassnode’s chief analyst says these were likely “urgent” transactions due to the high amount of fees paid per transaction. The average fee rose to $2.72 last week, about 15% higher than the typical average, according to BitInfoCharts — an on-chain data tracker. The findings were reported in Glassnode’s Monday “Week On-chain” report.