Bitcoin Fees Surge as Investors Anticipate Possible SEC Approval of Spot ETFs
-
Bitcoin blockchain fees reached $11.6 million on Nov. 16, with average transaction fee up 746% from a year ago.
-
Rise in fees attributed to increased demand for Bitcoin ahead of potential spot BTC ETF approval by SEC.
-
Several major asset managers like BlackRock, Fidelity, and ARK Invest have filed for spot Bitcoin ETFs.
-
SEC yet to approve any proposals but engaged with firms, moving deadlines to January 2024.
-
Approval could draw significant institutional investment, potentially pushing Bitcoin price to new highs.