We just caught wind of major updates on the pending spot Bitcoin (BTC) exchange traded funds (ETFs) in the US. Today, some of the applicants have already disclosed their proposed fees for them, and it should blow your mind.
As of 8:00 AM ET or 1:00 PM UTC, the following announcements just came up:
- Ark Invest is waiving its fees in the first six months or the first $1 billion of its assets under management (AUM) in relation to the ETFs, whichever may come first. It will increase to 0.25% following that.
- BlackRock is charging only 0.20% for the first 12 months or the first $5 billion AUM. However, it goes north to 0.30% after.
- Grayscale has the most expensive fees at 1.5% with no other additional notes in its amended filing.
- Bitwise has the best offer so far at 0.24% with all fees waived for the initial six months or $1 billion AUM.
- Invesco follows the same waiver as Bitwise and Ark for the first six months or $5 billion AUM, but will charge 0.59% thereafter.
- Others are VanEck at 0.25%, WisdomTree at 0.50%, Fidelity at 0.39%, Valkyrie at 0.80%, Hashdex at 0.90%, and Franklin Templeton at 0.29%.
How is Bitcoin Holding Up?
The continuing progress of the spot Bitcoin ETF filings under review by the US Securities and Exchange Commission (SEC) is fueling speculations of their guaranteed approval within this week. As a result, Bitcoin once again tapped the $45K as the hype train primed its engine.
As of press time, Bitcoin is hovering around $45,000, which shows an increase of over 1% in the 24-hour chart. The positive news also caused a spike in the trading volume of the digital asset by 75% as more than $30.044 billion worth of BTC moved between wallets and crypto exchanges.
The circulating supply of the premier cryptocurrency in the market today sits at 19.5929 million BTC. Meanwhile, the uptick in price bumped its market cap to $882.122 billion.
The momentum of Bitcoin is gradually narrowing the gap from its all-time high of $68,789 on November 10, 2021, to 34%. These figures may appear to be a long way to go at present values, but the two major events occurring in the BTC ecosystem this year, namely the anticipated spot ETF approvals and the halving, are seen by analysts as just the primary ingredients we need to surpass them.