Key Points:
VanEck has indicated a reduction in the fee rate of its Bitcoin spot Exchange-Traded Fund (ETF) from 0.25% to 0.2%, effective from February 21st, as reported in documents submitted to the U.S. Securities and Exchange Commission (SEC).
The decision comes in the wake of a notable year for Bitcoin, which witnessed a significant rally, registering a 160% price gain over the course of 2023.
The huge price hike was mainly due to anticipated approval of the first Bitcoin spot ETFs in the U.S. by the SEC. This approval boosted Bitcoin’s price by around 22% within a week after BlackRock’s Bitcoin ETF filing on June 15, 2023.
The SEC’s decision not to appeal the Court of Appeals ruling on October 23 catalyzed a further 15% surge in Bitcoin’s price within two days.
The approval of Bitcoin ETFs, a milestone for the $1.7 trillion digital asset industry, is expected to boost Bitcoin demand, especially among institutional investors seeking secure exposure.
Galaxy Digital analysts predict a $14.4 billion inflow into the ETF in its first year, rising to $27 billion in the second, and $39 billion in the third.
Readmore: VanEck CEO Passionately Advocates ‘Bullish Bitcoin’ amidst Looming Fed Policy Shift!
Furthermore, the approval of spot ETFs for additional cryptocurrencies and increased acceptance of cryptocurrencies as a payment alternative are likely to boost institutional inflows into the asset class. The next anticipated event is the approval of a spot Ether ETF, with the deadline set for May 23.
VanEck had previously announced the delisting of its Bitcoin Strategy ETF, as reported by CoinCu.
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. |
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