Bitcoin fees skyrocket on 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 the year ago level.

Bitcoin transaction fees between January 2023 and November 2023. Source: CryptoFees

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…

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