Bitcoin OG Samson Mow Issues Concerns on GBTC Fees
Samson Mow, a prominent figure in the cryptocurrency space, expressed his concern with the 1.5% fees charged by Grayscale Bitcoin Trust (GBTC) on social media platform X.
Jan3 Sets Sights on Bitcoin Integration
Jan3 focuses on developing Bitcoin infrastructure, assisting nations with Bitcoin strategies, and offering products for a Bitcoin-centric economy.
Significant Lead Doesn’t Justify High Fees
Mow, despite acknowledging GBTC’s significant market lead, pointed out that their refusal to lower fees could hurt their advantage, emphasizing the market’s response to high fees.
Grayscale’s Low Fees Impacted by New Bitcoin ETF Launch
On January 11, eleven spot Bitcoin Exchange-Traded Funds (ETFs) launched, competing with Grayscale Investments. However, Bitcoin’s price did not increase as anticipated post-launch.
Lack of Increase in Bitcoin Price Post-Launch
The launch of the new ETFs failed to drive up Bitcoin’s price, contrary to expectations.
GBTC’s Holdings and Potential Investor Actions
Analyst “Dean Crypto Trades” provided insights into GBTC’s holdings, potential investor actions, market absorption, continued supply overhang, and the uncertain future of the market.
Bitcoin Price Drop Blamed on Outflows from Grayscale’s ETF
Scott Melker, another crypto analyst, pointed to outflows from Grayscale’s ETF as the reason behind Bitcoin’s price drop.
Current Bitcoin Trading Price
At the time of writing, Bitcoin is trading at $41,469, down 0.1% in the past 24 hours.
Hot Take
Samson Mow’s concerns over GBTC’s high fees reflect potential drawbacks of maintaining high fees in a competitive market, illustrated by the new ETF launches not having the expected impact on Bitcoin’s price.
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