Posted 11/10/2023, 7:56:00 AM
Ethereum Fees Spike to $100 as BlackRock ETF Filing Sparks Brief Network Congestion
- Ethereum fees briefly jumped to $100 on Thursday after BlackRock filed for an ETH ETF
- Heightened demand for block space made transaction fees spike to 270 gwei, the highest since June
- Gas fees are used to pay miners to process transactions, surging with increased network demand
- The jump came as investors reacted to BlackRock's ETH ETF filing, boosting prices 10% above $2,000
- On-chain data suggests retail interest is still low compared to previous bull runs this year