CEO of Grayscale, Which Makes Bitcoin Transfers to Coinbase, Talked About BTC ETFs!

In recent days, the leading cryptocurrency Bitcoin (BTC) has experienced significant declines. Although BTC received a reaction from $ 40 thousand and rose to $ 42 thousand, it is too early to say that the selling pressure is over for now.

It seems that one of the most important reasons why Bitcoin is facing sales pressure is Grayscale. Grayscale's large BTC transfers to Coinbase had a bad impact on the market.

Grayscale CEO Michael Sonnenschnein spoke about spot BTC ETFs in an interview with CNBC in Davos and said that many companies will disappear from the market:

“Investors pay a lot of attention to things like liquidity and fund history.

Who issues the fund also matters because Grayscale specializes in cryptocurrency products that appeal to investors.

The fact that other funds charge lower fees shows their inexperience and lack of commitment to this asset class.

“I think many of the recently launched spot BTC ETF funds will disappear from the market.”

As of now, the commission rates at Grayscale appear to be 1.5%. Giant companies such as BlackRock and Fidelity demand fees such as 0.25% - 0.5%.

Grayscale CEO Michael Sonnenshine said that he did not see these commission rates as a big problem. Sonnenshine also did not comment on Grayscale's BTC transfers to Coinbase.