Bloomberg ETF analyst Eric Balchunas tweeted that Bitcoin spot ETF issuers are caught in a fierce fee competition. BlackRock's fee rate is 0.20% in the first six months or before reaching $50 billion, and 0.30% thereafter. BlackRock's low-fee strategy puts great pressure on its competitors. ARK 21Shares reduced its fees from 0.8% to 0.25% in its newly submitted S-1 document.