The Bitcoin blockchain recorded $11.6 million in fees paid on November 16, with the average transaction fee increasing by 746% compared to a year ago. This surge in transaction fees is attributed to the increased demand for Bitcoin due to the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. The average transaction fee currently stands at $18.69, representing a 113% increase from the previous day. Bitcoin’s price has been on the rise since investment manager BlackRock filed for a spot BTC ETF in June, with other major asset managers following suit. While the SEC has yet to make a decision on these proposals, final deadlines have been moved to January 2024. Amendments made by WisdomTree, ARK, and other firms may address concerns raised by the SEC. The approval of a spot Bitcoin ETF is expected to attract institutional investors and potentially drive Bitcoin’s price to new highs. Bloomberg analysts estimate a 90% likelihood of approval for all proposals in the same batch in January.
