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Contents
- Billions of Bitcoins have been purchased by ETF manufacturers
- Grayscale CEO predicts a crash for most BTC ETFs
Crypto trader and analyst Ali Martinez, known as @ali_charts on the social media platform -Amounts were acquired from
Grayscale CEO predicts a crash for most BTC ETFs
Last week, speaking to CNBC at the annual World Economic Forum in Davos, Grayscale CEO Michael Sonnenshein explained that he does not believe all eleven spot-based Bitcoin ETFs will survive the market race in the long term.
The competition will be great, Sonnenshein expects, so most Bitcoin ETFs are likely to be pushed out of the market, he expects. Aside from sharing this, the CEO also addressed the high management fees for his Bitcoin ETF. It is the highest among all 11 hedge funds and is 1.5%, while BlackRock, Ark Invest, Fidelity and Co. are trying to keep their fees below the 0.5% mark, at least initially.
Sonnenshein justified the high fees by saying that the company has been in this business for a whopping ten years and that this is a good track record, unlike the other companies that have just started offering Bitcoin services to their customers. Grayscale's track record demonstrates the company's long-term commitment, Sonnenshein believes.
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