Long-Awaited Bitcoin ETFs Approved by SEC
After multiple failed attempts, the US Securities and Exchange Commission (SEC) has finally approved 11 Bitcoin Exchange-Traded Funds (ETFs). This decision aims to create a fair playing field for ETF issuers.
Who Will Emerge as the Winner?
Many ETF issuers have offered low fees and incentives to attract investors. However, with so many options available, the question of which issuer will come out on top remains. Michael Novogratz, CEO of Galaxy Digital, discussed this matter in an interview.
Novogratz believes that the execution of an ETF, liquidity, and hidden fees are crucial factors in its success. He points out that his Invesco Galaxy Bitcoin ETF (BTCO) has a lower tracking error compared to its competitors.
According to Novogratz, there won’t be a single winner in the ETF market. Instead, he predicts that two or three issuers will emerge as the most successful.
Competition Benefits Investors, Says Bitwise AM
Katherine Dowling, General Counsel and Chief Compliance Officer at Bitwise AM, also commented on the approval of Bitcoin ETFs. She believes that competition among issuers is healthy for investors.
Dowling emphasizes that to survive in this market, issuers must differentiate themselves from others and engage with advisors. While uncertainty remains regarding the future of BTC ETFs, she believes that having multiple options is beneficial for investors.
Hot Take: BTC Price Update
The current price of BTC is $45,778.54 according to the hourly chart.
Source: BTCUSD on TradingView.com
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