Until 2024, the US Securities and Exchange Commission (SEC) is deferring decisions on several Bitcoin ETF applications, despite the market’s increasing optimism about the approval of a spot Bitcoin exchange-traded fund (ETF) in the US.
This hesitation has coincided with a remarkable surge in the top crypto’s average transaction fees, soaring over 1,000% to reach a peak of $18.67 on November 16, according to BitInfoCharts data.
Bitcoin has outpaced Ethereum in daily fees in the last five days. Source: BitInfoCharts
Contrary to worries about the potential deterrent effect of elevated transaction fees on Bitcoin users, on-chain data suggests a contrasting trend.
From late October, Ordinals inscriptions increased by almost 6 million. Source: Dune Analytics
Widespread Adoption And Growing Addresses
Recent data from IntoTheBlock reveals a notable surge in Bitcoin adoption, hitting a new yearly high at 67.62% this week.
This increase in adoption is reflected in the uptick of newly created active addresses, signaling a substantial influx of new participants into the market.
Bitcoin retakes the $37K territory. Chart: TradingView.com
Ordinals Gathering Momentum
This data indicates a growing and robust interest in Bitcoin, despite concerns about transaction fees, as evidenced by both increased user participation and a rise in long-term holdings.
Since October 24, the network has redistributed approximately 800 BTC in fees, equivalent to $30 million, as a result of the production of nearly 6 million Ordinal assets.
Following ORDI’s (the second-largest BRC-20 token by market capitalization) debut on Binance on November 7, the increase in Ordinals inscription activities gathered momentum.
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