The cryptocurrency market is waiting with bated breath for a possible spot Bitcoin ETF approval from the SEC. In the midst of this wait, crypto billionaire Michael Saylor made a meaningful post using ‘The Shawshank Redemption’. Meanwhile, potential spot Bitcoin ETF issuers have disclosed management fees for the product. While wages reflect competition, analyst Lark Davis weighed in on what this means.
Before Bitcoin ETF, Saylor gave the Bitcoin message!
Vocal Bitcoin evangelist, MicroStrategy founder and former CEO Michael Saylor has shown his support for Bitcoin. Unlike his usual images, which are likely generated by an AI-powered app, Saylor this time used a brief excerpt from the classic Frank Darabont movie “Shawshank Redemption,” based on Stephen King’s novel “Rita Hayworth and Shawshank Redemption.”
In Saylor’s video, Andy Dufresne turns on a gramophone record. However, instead of opera… one gets to listen to Michael Saylor endorse Bitcoin as the “best crypto asset” and say there is “no second best” to Bitcoin. Dufresne turns the volume up all the way and the entire Shawshank prison begins to hear and enjoy the Bitcoin message taken from one of Saylor’s public interviews. The post accompanying the video summary reads, “It’s time to be free.”
As the fee war unfolds, Bitcoin recaptures $45,000!
Meanwhile, cryptokoin.comAs you follow from, all spot Bitcoin ETF issuers have updated their S-1 forms. So, they put all ETF applications through the final stage at the SEC before they are approved. After this, the leading cryptocurrency Bitcoin managed to regain $ 45,000. But according to analyst Lark Davis, “there is literally a wage war going on.” All participants try to attract as many customers as possible.
Accordingly, BlackRock, Galaxy and Ark Invest apply discounts on ETF fees for the first half year/year or until a volume of $1 billion/$5 billion is reached. As for other participants, Fidelity set the Bitcoin spot ETF fee at 0.39%, WisdomTree at 0.5%, VanEck at 0.25% and Valkyrie at 0.8%. Davis says all these Bitcoin ETF fees are much lower than the community expected. Because he states that all these companies expect a huge demand for their Bitcoin-based ETFs immediately. For this reason, he notes that they “try to make their products as attractive as possible.” According to the analyst, a wave of capital will flow into Bitcoin. It will probably happen starting this week.
Last week, Matrixport said the SEC was unlikely to approve spot Bitcoin ETF products in January. Following this report, Bitcoin lost the $45,300 level and fell by 7%. Thus, investors began to liquidate their positions. It wiped approximately $730 million worth of crypto assets from the market, mostly Bitcoin and Ethereum.
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