Copyright Benzinga
A Bitcoin (CRYPTO: BTC) user paid a staggering $105,197 to transfer a mere $10 worth of the cryptocurrency, raising questions within the digital asset community. Costly Error Baffles Experts Late Monday, blockchain data revealed that a Bitcoin user mistakenly paid over $105,197 to transfer a meager 0.00010036 BTC. The funds were sent to a deposit wallet on Kraken, one of the most popular cryptocurrency exchanges, and the hefty fee was collected by MARA Pool, the mining pool that processed the transaction. The transaction, which was brought to light by Crypto enthusiasts on X, has left industry experts scratching their heads. Nick Hansen, CEO and co-founder of the Luxor mining pool, told Decrypt that it was a “non-standard way” of conducting a transaction. Notably, at the time of this transaction, the average cost of a BTC transfer was $0.91, according to BitInfoCharts, making this particular transfer an anomaly. Experts say such mistakes often happen when users manually adjust their wallet settings instead of relying on automatic fee estimators. If the "change" or recipient fields are entered incorrectly, the excess amount can end up being sent to the miner, as per Cryptorank. See Also: Meta’s AI Chief Scientist To Reportedly Depart, Launch Own Startup Amid Zuckerberg’s AI Push Major Transfers Stir Speculation This transaction comes in the wake of several significant events in the Bitcoin market. In July, a $1 billion Bitcoin transfer from Coinbase sparked speculation about institutional accumulation or long-term cold storage. This event was part of a larger trend of increased whale activity in the Bitcoin market. In another shocking anomaly, in late January, a Bitcoin transaction worth nearly $200 million was completed with just a minimal fee, underscoring the efficiency and low-cost nature of blockchain technology. The transfer involved 2,000.05830161 BTC — valued at approximately $197.63 million — while incurring only $1.89 in miner fees. Bitcoin Holds Firm Amid Market Volatility This event comes at a time when Bitcoin is trading around $105,000, following the U.S. Senate’s release of the draft of the crypto market structure bill. The proposal allows ETFs to stake digital assets and distribute rewards to investors. A prominent market analyst suggested that Bitcoin had likely established its bottom at $98,000, marking a key low reinforced by multiple technical indicators. Despite this, Bitcoin and Ethereum (CRYPTO: ETH) were down 2% on Tuesday, with institutional confidence in digital assets remaining strong, according to a new research report. Meanwhile, despite market volatility, Cathie Wood, CEO of ARK Invest, reaffirmed her $1 million price target for Bitcoin, attributing this confidence to the ongoing growth of stablecoins, which recently surpassed $300 billion in total market value. This surge in stablecoins signifies a pivotal moment for the digital asset market, despite potential short-term fluctuations in Bitcoin’s price. READ NEXT: SoFi To Rival Coinbase, Robinhood As First Nationally Chartered US Bank With Bitcoin Trading Image via Shutterstock
