Spot Bitcoin ETF Approval How Competition Continues
Speculation and competition over the United States Securities and Exchange Commission's (SEC) decision to approve or deny a Bitcoin exchange-traded fund (ETF) has increased as the deadline approaches.
Recent reports highlight deliberate fee adjustments to strengthen the position of applicants in their Bitcoin ETF product offerings.
To approve the competition of Bitcoin ETF applicants
In the days leading up to the January 10 deadline, reports have circulated about the 14 asset managers competing for the Bitcoin ETF pending the SEC's decision to approve or deny the product's launch.
Recent reports indicate that competition among property managers is growing. According to a recent report, Fidelity, the asset manager, spent half as much on its funds as other registrants.
Wise Origin Bitcoin Fund charges a fee of 0.39 percent from the organization.
This contrasts with 0.8 percent offered by Ark, 21Shares and Valkyrie, the report said.
However, with 14 asset managers competing to offer the product, offering reduced fees can be used as a strategy to gain a competitive edge over their peers.
At the time of going to press, the price of Bitcoin reached $45,258.
Read more: How to prepare for a Bitcoin ETF: A step-by-step approach
The probability of approval of Bitcoin ETF increases
Meanwhile, BeInCrypto recently reported that the probability of acceptance of the spot Bitcoin ETF has increased significantly.
The chance now stands at 88% chance of approval on January 15, 2024. This is indicated by the “yes” sales price in the applicable contract.
However, the 88% probability represents a significant increase from the estimated 50% probability by the end of 2023.
Meanwhile, a recent report revealed that the SEC is set to notify 14 spot Bitcoin ETF applicants of their approval status.
This news has seen the price of Bitcoin rise more than 55% since the beginning of October. Bitcoin's recent rise to $45,000, the first since April 2022, highlights the market's response to these developments.
Read more: How to open a Bitcoin account in 3 easy steps
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