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Crypto trader and analyst Ali Martinez, known on the X/Twitter social media platform as @ali_charts, has published a screenshot with data provided by on-chain analytics aggregator Crypto Quant to show how the Bitcoin sums acquired by
Grayscale CEO predicts crash for majority of BTC ETFs
Last week, while talking to CNBC at the annual World Economic Forum event in Davos, the chief executive of Grayscale, Michael Sonnenshein, stated that he does not believe that all 11 spot-based Bitcoin ETFs are going to survive the market race in the long term.
The competition will be severe, Sonnenshein reckons, therefore, the majority of the Bitcoin ETFs are likely to be pushed out of the market, he expects. Aside from sharing this, the CEO also elaborated on the high management fees for its Bitcoin ETF. It is the highest among all the 11 hedge funds and amounts to 1.5%, while BlackRock, Ark Invest, Fidelity and the others are trying to keep their fees below the 0.5% level, at least at the start.
Sonnenshein explained such high fees, saying that the company has been running this business for a staggering 10 years, and that is a good track record, unlike the other companies that have just started offering Bitcoin services to their customers. This track record of Grayscale proves the company’s long term commitment, Sonnenshein believes.
Godfrey Benjamin
Tomiwabold Olajide
Gamza Khanzadaev
