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Spot BTC ETF hype causes Bitcoin fees to surge

Spot BTC ETF hype causes Bitcoin fees to surge

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 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 rising 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, several firms have made amendments to address concerns raised by the regulator. A spot Bitcoin ETF is expected to attract institutional investors and potentially drive Bitcoin’s price to new highs. Bloomberg analysts predict a 90% likelihood of approval for all proposals in January.

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