Nearly 640,000 Bitcoins Held by US Bitcoin ETF Now

Nearly 640,000 Bitcoins Held by US Bitcoin ETF Now

Cryptocurrency trader and analyst Ali Martinez, known on social media platform

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Cryptocurrency trader and analyst Ali Martinez, known on social media platform

Grayscale CEO predicts a drop for most BTC ETFs

Last week, while speaking to CNBC at the annual World Economic Forum event in Davos, Grayscale CEO Michael Sonnenshein stated that he doesn’t think the 11 spot-based Bitcoin ETFs will survive the race. of the market in the long term. term.

Competition will be tough, Sonnenshein believes, therefore he expects most Bitcoin ETFs to be pushed out of the market. In addition to sharing this, the CEO also talked about the high management fees of his Bitcoin ETF. It is the highest among the 11 hedge funds and amounts to 1.5%, while BlackRock, Ark Invest, Fidelity and others try to keep their fees below 0.5%, at least at first.

Sonnenshein explained the high fees and said that the company has been running this business for 10 years, which is a good track record, unlike other companies that have just started offering Bitcoin services to their customers. Sonnenshein believes this track record from Grayscale demonstrates the company’s long-term commitment.

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