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Bitcoin Transaction Fees Hit Record High – What Does the Jump to $2,40 Mean?
In May 2025, the Bitcoin network experienced a historic paradox: the average transaction fee increased to $2,40 (the highest since the beginning of the year), while the number of daily transactions fell by 35%. This phenomenon reveals deeper changes in the market structure – from the expansion of institutional players to the coming supply shock.
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Context: Why do fees increase when there are fewer transactions?
Counterintuitively, higher fees do not always mean more traffic. In the case of Bitcoin in May 2025, the key factors are:
Concentration of large transactions: Most activity comes from institutions and “whales” (wallets with ≥1000 BTC) who pay a premium for priority confirmations.
Changing the structure of operations: 62% of transactions are now complex operations (including transferring funds between funds, investing in derivatives).
Halving effect: After the April reduction in miner rewards, fees have become their main source of income – the pressure to maximize profits is increasing.
Statistics that change perspective
| Parameter | April 2025 | May 2025 | Change |
|---|---|---|---|
| Average fee | 1,40 USD | 2,40 USD | + 71 % |
| Daily transactions | 507 000 | 330 000 | -35% |
| Number of "whales" | 2031 | 2107 | +76 new addresses |
| Supply on stock exchanges | 2,5 million BTC | 2,1 million BTC | -16% from January |
Source: The Block, Glassnode, CryptoQuant
Three main reasons for record fees
1. Institutional accumulation
Według Santiment, in February and March 2025 it was created 76 new whale wallets (each with ≥1000 BTC). Companies like Metaplanet and Strategy are buying up Bitcoin on a massive scale, often storing it in cold storage. This reduces liquidity and changes the market dynamics:
Less BTC for sale: Only 11,2% of supply is available on exchanges – the lowest since 2018.
Pressure to block funds: High fees discourage small investors, favoring large players.
2. Technological evolution of the network
Lightning Network Integration: 43% of off-chain transactions reduce the load on the main chain, but those remaining on the mainnet are more expensive.
The Growing Popularity of Ordinals and BRC-20: Asset tokenization and NFTs on Bitcoin generates higher block load.
3. Market psychology
At BTC price above 105 000 USD, investors view the $2,40 fee as the “cost of coffee” – acceptable in exchange for the certainty of quick confirmation.
Investor Outlook – Supply Shock on the Horizon?
Positives:
Lower supply on stock exchanges: A 16% decline from January 2025 creates conditions for exchange rate appreciation.
Growing demand from institutions: BlackRock, Fidelity and European pension funds increase BTC allocation.
Historical precedents: In 2017 and 2021, fee spikes preceded bull markets (+1900% and +560% in a year, respectively).
Risks:
Bear market below $90: High fees may discourage new users.
Regulation: EU MiCA and DORA bills may restrict institutional use of BTC.
Mining consolidation: Smaller mining pools could go bankrupt by centralizing the network.
Bitcoin Technical Data (as of 19.05.2025)
| Parameter | Value |
|---|---|
| Price | 104 500 USD |
| Market capitalization | 2,04 trillion USD |
| Circulating supply | 19,7 million BTC |
| Quotations | BTC/PLN on Zonda |
Analytical Summary
Bitcoin’s record fees aren’t just a technicality—they’re a signal of deeper changes in market structure. While retail investors may be feeling cost pressures, institutions and whales are taking advantage of the moment to strategically accumulate.
Key conclusions:
The supply shock is real: A combination of falling supply on stock exchanges and institutional demand could accelerate gains.
The corrections will be drastic: High variability is the norm in these types of conditions.
Halving is changing the economics of the network: Fees now account for 38% of miners' revenues – a new pillar of Bitcoin security.
"Bitcoin is the only asset class where higher fees do not discourage, but attract capital. This is proof of its uniqueness"
Recommendations:
Long-term investors: Maintain positions, taking advantage of dips to buy in.
Traders: Watch the $90 (support) and $000 (resistance) levels.
Newbies: Consider stop-losses and avoid trading during peak hours (fees can be 3x higher).
In the era of institutional adoption, Bitcoin is transforming from “internet gold” into next-generation financial infrastructure. Record fees are the price of progress.
