Key Points:
The spot Bitcoin ETFs trading frenzy continued, with over $4.6 billion changing hands on Thursday across nearly a dozen U.S. spot Bitcoin ETFs. Notably, Grayscale, BlackRock, and Fidelity emerged as the dominant players, with the Grayscale Bitcoin Trust now transformed into an ETF, registering a substantial $2.3 billion in volume. Simultaneously, BlackRock’s iShares Bitcoin Trust (IBIT) witnessed over $1 billion in transactions.
This development marks a pivotal moment for the cryptocurrency industry, testing the broader acceptance of digital assets as investments, especially given their perceived risk by many professionals. Eleven spot Bitcoin ETFs, including BlackRock’s IBIT, Grayscale’s GBTC, and ARK 21Shares Bitcoin ETF, initiated trading on Thursday, triggering intense competition for market share.
Unprecedented in ETF history, this simultaneous launch of more than 10 nearly identical funds added to the complexity. Some industry executives cautioned against Bitcoin’s high-risk nature, and Vanguard, the largest mutual fund provider, declared it had no immediate plans to offer the new batch of spot Bitcoin ETFs trading to its brokerage clients.
The regulatory approval ignited fierce competition among issuers, prompting some to slash fees well below the industry standard even before the launch. Fees for the new Bitcoin ETFs range from 0.2% to 1.5%, with several firms waiving fees entirely for an initial period or a specified volume of assets. Valkyrie, for instance, further reduced its fees to 0.25% and waived them for the first three months after its ETF began trading.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Ethereum ETF timeline is a topic of interest to many investors as the SEC's May…
Trezor Ethereum staking leverages Everstake's staking platform, offering a user-friendly interface for selecting staking options…
The Genesis settlement prohibits Genesis from operating in New York and establishes a victims' fund…
Brazil Central Bank is making significant strides in the supervision of encrypted assets and virtual…
Apple's recent unveiling of the Vision Pro headset has sparked widespread debate and intrigue, marking…
Uniswap Labs and Across has unveiled its latest initiative aimed at enhancing cross-chain interoperability within…
This website uses cookies.