In the dynamic world of cryptocurrencies, the latest Bitcoin price predictions show the digital asset is set to see a notable surge, rising approximately 2.75% to $43,500 on Tuesday. This rise in Bitcoin’s value comes amid increased activity in the exchange-traded fund (ETF) sector and signals increased institutional investor interest in cryptocurrencies.
In particular, Invesco is strategically lowering fees on its Bitcoin ETFs to attract more investors. Meanwhile, the crypto investment landscape is further expanding with the introduction of Hong Kong’s first Bitcoin ETF application.
In an important development, Fidelity’s Bitcoin ETF reports a significant gain of $208 million, effectively offsetting the impact of the exit from Grayscale and highlighting strong investor demand for Bitcoin. did.
Invesco lowers Bitcoin ETF fees to attract investors
Invesco and Galaxy Asset Management’s spot Bitcoin exchange-traded fund (ETF), the Invesco Galaxy Bitcoin ETF (BTCO), now charges 0.25% instead of 0.39%.
This change brings sponsorship costs in line with industry standards and allows us to compete with even lower rates offered by competitors such as Ark, 21Shares, Bitwise, and Franklin Templeton.
— CoinDesk (@CoinDesk) January 29, 2024
Invesco promises to waive costs for the first six months or until the ETF’s holdings exceed $5 billion.
Despite cutting costs, Invesco’s Bitcoin Spot ETF has lagged rivals like BlackRock and Fidelity in terms of inflows since its inception, at just over $280 million.
Lower fees may make ETFs even more attractive, but Bitcoin’s increasing value could also increase market confidence in crypto investment products as a whole.
Hong Kong witnesses first Bitcoin ETF application
Harvest Global has signaled the possibility of a regulated investment channel in the crypto market by filing an application for a Spot Bitcoin Exchange Traded Fund (ETF) with the Hong Kong Securities and Futures Commission.
If approved, the Spot Bitcoin ETF would allow investors to trade fund shares on traditional stock markets, which correlate directly to the price of Bitcoin. Hong Kong’s acceptance of cryptocurrencies is consistent with global patterns.
News: Hong Kong Securities and Futures Commission reportedly wins first spot #bitcoin Application for ETF.
📰 https://t.co/iJVTndtwvR pic.twitter.com/6LNSGHyb1Y
— CoinGecko (@coingecko) January 29, 2024
The Securities and Exchange Commission’s recent approval of 11 spot Bitcoin ETFs is a major step forward for the US economy.
Harvest Global’s applications highlight the broader market need for investment solutions that provide exposure to digital assets without requiring physical asset ownership.
While the impact on Bitcoin prices is improving, this approval could attract new participants and increase market confidence in crypto investing.
Fidelity Bitcoin ETF offsets Grayscale withdrawals with $208 million profit
On January 29, daily inflows into Fidelity’s Spot Bitcoin ETF (FBTC) reached $208 million, exceeding withdrawals from the Grayscale Bitcoin Trust (GBTC) for the first time since the fund’s inception. It was reported that.
Excluding ETF conversion days, GBTC daily outflows decreased by almost 25%, making it the second lowest day overall.
Fidelity’s success coincides with a fee war in the Bitcoin ETF spot market, as ETF costs have recently been lowered by Invesco and Galaxy Asset Management.
— James Seyffert (@JSeyff) January 29, 2024
ETFs domiciled in Europe could be affected by this fee competition, potentially leading traders to send money back to the US.
As investor interest and competition in the crypto market increases, increased inflows to Fidelity’s ETFs and general fee competition could have a positive impact on BTC prices.
Bitcoin price prediction
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