Michael Sonnenshein, CEO of Grayscale Investments, said that most of the spot Bitcoin ETFs approved by the SEC will not survive.<\/p>\n
\nYou might like: Ripple (XRP) Uptrend Broken! What Are the Targets?<\/strong><\/em><\/span><\/a><\/p>\n<\/blockquote>\n
In an interview with CNBC at the World Economic Forum in Davos, Switzerland, on Thursday, Sonnenshein said that he believes the majority of the 11 approved spot Bitcoin ETFs are likely to fail.<\/p>\n
The SEC<\/strong> officially approved 11 spot Bitcoin ETFs<\/strong> on January 10, and 10 of them began trading the following day. Many ETF issuers were actively lowering their trading fees to improve their competitiveness with other ETF sponsors.<\/p>\n
Most of the approved ETFs had fees ranging from 0.2% to 0.4%. Multiple spot Bitcoin ETF<\/strong> providers also offered temporary fee waivers.<\/p>\n
On the other hand, Grayscale, the largest Bitcoin holder among ETF issuers, charges up to 1.5%<\/strong> without any waiver.<\/p>\n
Sonnenshein defended Grayscale’s fees for its market-leading spot Bitcoin ETF product and said that only two or three spot Bitcoin ETFs would remain, with the rest withdrawing from the market.<\/p>\n
Sonnenshein said, “From our perspective, this sometimes calls into question their long-term commitment to the asset class. Ultimately, I don’t think the market is going to have the 11 spot products that we have.”<\/p>\n
Sonnenshein’s comments came on the fifth day of the approval of spot Bitcoin ETFs in the United States. Since the start of trading, Grayscale has been the only issuer to aggressively unload Bitcoin, to the tune of 37,947 BTC as of January 18.<\/p>\n
In contrast, the other nine issuers have added at least 40,000 BTC to their products since the start of trading.<\/p>\n
\n\n\n\n\nAlso, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our\u00a0Telegram<\/strong>,\u00a0<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a> channels for the latest news and updates.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Michael Sonnenshein, CEO of Grayscale Investments, said that most of the spot Bitcoin ETFs approved by the SEC will not survive. You might like: Ripple (XRP) Uptrend Broken! What Are the Targets? In an interview with CNBC at the World Economic Forum in Davos, Switzerland, on Thursday, Sonnenshein said that he believes the majority of<\/p>\n","protected":false},"author":1,"featured_media":10103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[2072,60,1884,1096,39,3762],"class_list":["post-10102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-bitcoin-etfs","tag-btc","tag-cnbc","tag-grayscale","tag-sec","tag-the-world-economic-forum"],"yoast_head":"\n
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