Investment firm BlackRock has cut the fee for its potential spot Bitcoin ETF from 0.3% to 0.25% in response to increasing competition.

At the same time, other companies such as Ark Invest/21Shares have reduced their fees to 0.21%, and Bitwise plans to offer the lowest fee of 0.2%.

Several other competing issuers also reduced their fees. The fee cuts are an attempt by US companies to attract investors with the possible approval of spot Bitcoin ETFs by the Securities and Exchange Commission.

Inflows into Bitcoin ETFs are expected to reach billions of dollars, and industry experts predict the market could reach $72 billion within five years.