Bitcoin ETFs, SBF, and China: The biggest crypto stories you missed over the holidays

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Happy New Year and thanks as always for reading Fortune Crypto. The period between Christmas and New Year's is one where many media outlets go dark as readers sensibly turn away from the news in favor of family and football. But that doesn't mean nothing happened, so if you're just tuning back in, here are some key developments in crypto you may have overlooked.

The biggest of these is that the likes of BlackRock and Fidelity, along with big crypto companies, are barreling forward with the process of applying for long-awaited Bitcoin ETFs. Late last week, firms updated their paperwork (pity the poor lawyers who spent their break amending SEC filings) to name the "authorized participants" who will handle the Bitcoin on their behalf. Jane Street appeared as the AP on some of the forms and, in a twist of irony, so did JPMorgan, whose CEO is famous for wanting to eradicate crypto—even as his bank does a thriving business in it.

The SEC filings also revealed another key detail about the forthcoming ETFs, namely their price. Fidelity is offering the lowest sticker price of any of the traditional finance firms at 0.39%—which is lower than many expected, especially for a new class of ETF. But a handful of crypto native firms, including Galaxy, are offering no fees at all for the first few months. The price competition reflects that the coming market for Bitcoin ETFs is a crowded one, and that these firms are keenly aware that ETFs are often a winner-take-all game with the first mover grabbing over 90% marketshare and the rest fighting for crumbs. We'll see whether that holds true when the SEC goes through with an expected plan to approve a batch of Bitcoin ETF applications in the next week or two.

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