Bitcoin fees skyrocket on spot BTC ETF hype
The prospect of a spot Bitcoin (BTC) exchange-traded fund (ETF) being approved soon in the United States has increased demand for the major cryptocurrency, leading to a surge in transaction fees.
The Bitcoin blockchain reached $11.6 million in fees paid on Nov. 16, according to statistics from CryptoFees. At the time of writing, YCharts data shows that the average transaction fee is $18.69, up 113% from the previous day and 746% from a year ago.
According to Cointelegraph’s market analysis, Bitcoin remains near 18-month highs and beyond its bear market trading range. At the time of writing, the cryptocurrency is trading at $36,407, a 0.58% gain over the past 24 hours.
Bitcoin’s price has been rising since Wall Street investment manager BlackRock filed for a spot BTC ETF with the Securities and Exchange Commission in June. After BlackRock's application, several other major asset managers in the United States submitted similar proposals, including Fidelity, ARK Invest, and WisdomTree, among others.
#Bitcoin has officially flippened ETH in daily fees for the first time in 3 years. pic.twitter.com/2G3t6j64TP
While the SEC appears to be engaging with the firms on proposal adjustments, it has yet to make a decision, moving final deadlines to January 2024. On Nov. 16, WisdomTree amended its Form S-1 with the regulator, followed by similar amendments from ARK and 21Shares, Valkyrie, Bitwise and VanEck.
According to Bloomberg senior ETF analyst Eric Balchunas, the amended versions may be a response to concerns the SEC has raised. “It means ARK got the SEC’s comments and has dealt with them all, and now put [the] ball back in [the] SEC’s court,” Balchunas said. “[In my opinion] good sign, solid progress.”
A spot Bitcoin ETF is an
Read more on cointelegraph.com
