Bitcoin fees skyrocket on spot BTC ETF hype By Cointelegraph

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The prospect of a spot (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.

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