The Bitcoin blockchain recorded $11.6 million in fees on November 16, with the average transaction fee increasing by 746% compared to a year ago. This surge in 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, marking a 113% increase from the previous day. Bitcoin’s price has been rising since BlackRock filed for a spot BTC ETF in June, with other major asset managers following suit. While the SEC is engaging with these firms on proposal adjustments, a final decision is expected in 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 anticipated to attract institutional investors and potentially drive the price of Bitcoin to new highs. Bloomberg analysts estimate a 90% likelihood of approval for all proposals in the same batch in January.
