Odaily Planet Daily News Morningstar data shows that despite rising demand for Bitcoin, European Bitcoin ETP products have seen net outflows of more than $500 million so far this year, while other cryptocurrencies such as Ethereum ETPs have attracted $42 million in funds in the region. Pierre Debru, head of quantitative research at WisdomTree, said that after the launch of the US Bitcoin ETF, customers' interest in European ETPs has increased, but it has also brought unprecedented competition, forcing European issuers to lower fees. For example, BlackRock and Fidelity now offer an annual management fee of 0.25%, while European Bitcoin ETP providers such as Invesco, WisdomTree and CoinShares have reduced fees from more than 0.9% to less than 0.4%; similarly, Canada's Fidelity FBTC also significantly reduced its management fee on January 12, from 0.95% to 0.39%, which is comparable to the US ETF launched on the same day. Funds that failed to reduce fees performed poorly, such as Grayscale GBTC (charging 1.5% fees) and Canada's Purpose Bitcoin ETF (charging 1% fees), the latter of which outflowed 20% of its assets during this period. However, VanEck Europe CEO Martijn Rozemuller said that despite increased competition, the company's regional crypto ETFs still received a small amount of inflows. (CryptoPotato)