Bitcoin ETF

Bitcoin

James

Source: Adobe / 24K-Production 
The spot Bitcoin exchange-traded fund (ETF) competition is heating up as major issuers including Fidelity submitted revisions to lower their fees. 
According to Bloomberg Intelligence ETF analyst <a href="https://twitter.com/JSeyff/status/1744851796680429948">James Seyffart</a>, Fidelity lowered their fees to 0.25% from the previous 0.39% and has offered a fee waiver to 0% through July 31. 
<h2 id="bitcoin-etf-issuers-reduce-fees">Bitcoin ETF Issuers Reduce Fees</h2> 
 Including Fidelity, 5 out of the 11 issuers have revised their fee structures or offered temporary waivers after they <a href="https://cryptonews.com/news/bitcoin-etf-applicants-to-file-updated-s1-form-after-secs-comments-a-delay-signal.htm">received feedback</a> from the U.S. Securities and Exchange Commission on Jan. 8. 
On a more serious note… here's all the firms doing the hard work behind the scenes. <a href="https://twitter.com/Fidelity?ref_src=twsrc%5Etfw">@Fidelity</a> has lowered their fees all the way down to 25bps and is also offering a fee waiver to 0% through July 31, 2024 <a href="https://t.co/Ao0WmICBFh">pic.twitter.com/Ao0WmICBFh</a> 
— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1744851796680429948?ref_src=twsrc%5Etfw">January 9, 2024</a> 
With the previously lowest fee of 0.24% offered already, Bitwise reduced it to 0.20% with a waiver to 0% for 6 months or 1 billion; Wisdomtree lowered its fee of 0.50% to 0.30% also with a waiver to 0% for 6 months or 1 billion. 
Invesco &amp; Galaxy kept the waiver while reducing the 0.59% fee to 0.39%; Valkyrie made a significant adjustment to cut the fee from 0.80% to 0.49% with an additional waiver to 0% for 3 months. 
<h2 id="sec-account-compromised-posting-false-approval-notice">SEC Account Compromised, Posting False Approval Notice</h2> 
 As the entire crypto community nervously awaits the SEC’s final decision of the spot Bitcoin ETFs, the Commission disrupted the tension with its official social media account posting <a href="https://cryptonews.com/news/bitcoin-price-prediction-as-gary-gensler-says-official-sec-account-is-compromised-whats-going-on.htm">false announcement</a> of the approval for listing and trading Bitcoin ETFs. 
The <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a> twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products. 
— Gary Gensler (@GaryGensler) <a href="https://twitter.com/GaryGensler/status/1744833049064288387?ref_src=twsrc%5Etfw">January 9, 2024</a> 
“The SEC twitter account was compromised, and unauthorized tweet was posted,” said SEC Chair Gary Gensler. “The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.” 
The <a href="https://cryptonews.com/news/x-confirms-us-secs-official-account-was-indeed-hacked.htm">safety team at X</a> (formerly known as Twitter) confirmed the breach after a preliminary investigation. 
“Based on our investigation, the compromise was not due to any breach of X’s systems,” said X’s safety team in <a href="https://twitter.com/Safety/status/1744924042681897343?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1744924042681897343%7Ctwgr%5E26dc3e573fac5e9a327528f147047fdf39fcc5c4%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcryptonews.com%2Fnews%2Fx-confirms-us-secs-official-account-was-indeed-hacked.htm">a post</a>. “But rather due to an unidentified individual obtaining control over a phone number associated with the SEC account through a third party.” 
“We can also confirm that the account did not have two-factor authentication enabled at the time the account was compromised,” wrote the post. Source: CoinMarketCap 
Many users have expressed their frustration and disappointment with the unprofessional operation of the SEC. Though Bitcoin price briefly touched the $48,000 mark post the false approval notice, it dropped below the $46,000 level after the clarification and is currently trading at $45,953, down by 1.8% from 24 hours ago according to <a href="https://coinmarketcap.com/currencies/bitcoin/">CoinMarketCap</a>.

Fee War Intensifies: Bitcoin ETF Issuers Submit Updates Lowering Rates

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