Grayscale CEO: Most of the 11 approved Bitcoin ETFs will not survive

ChainCatcher news, Grayscale CEO Michael Sonnenshein stated that most of the 11 approved Bitcoin ETFs will not survive. Additionally, Sonnenshein defended the 1.5% fee for the Grayscale Bitcoin Trust ETF. It is reported that several ETF issuers charge 0% fees for a limited time and then slightly increase the fees. Most ETFs charge between 0.2% and 0.4%.

In this regard, Sonnenshein listed several reasons, including that GBTC is the largest Bitcoin fund, has a 10-year "successful operation" record, and has a diversified investor base. The lower fees of other ETFs are attributed to the fact that these products "lack a track record," and issuers are trying to attract investors through fee incentives. He believes that two to three spot Bitcoin ETFs "may achieve some critical mass" of managed assets, but other ETFs may exit the market.