Spot BTC ETFs Absorb 5% of Coins, Lowering Miner Fees — Fidelity Data

According to Fidelity’s report, the spot Bitcoin ETFs launched in the US in 2024 have accumulated roughly 5% of the available Bitcoin supply. This shift has directly impacted transaction patterns: more investors are using exchange-traded funds rather than moving coins on-chain. As a result, average miner fees earned for transaction confirmations have started to decline.

Over the past six months, statistics show a 13–15% drop in average network fees compared to the same period last year. Experts attribute this trend to the security and convenience provided by custodial solutions. Large-scale holders prefer mitigating the risks of self-custody, thereby reducing overall blockchain transaction counts and limiting fee-based revenues for miners.

Fidelity notes that this effect may intensify as ETF products become even more popular, but the firm’s analysts see no significant threat to miners’ viability. Most mining revenue still derives from block rewards. Additionally, renewed network activity spurred by innovative protocols or fresh Bitcoin use cases could help offset the revenue shortfall caused by lower transaction fees.