đŁHey, crypto enthusiasts!đ The world's first Bitcoin ETF, Purpose Bitcoin ETF (BTCC), is facing a bit of a struggle. Despite the BTC price soaring, it's lost 20% of its Bitcoin under management in the last 3 months.
đHere's the scoop:
âą As of April 4, Purpose held 27,871 BTC, worth $1.89 billion USD.
âą But, since the U.S. ETFs went live on Jan 11, Purpose has seen a steady outflow of funds.
Why?đ€
âą High management fees. Purpose charges 1.0% compared to BlackRock's 0.25%.
âą With BTC price on the rise, older investors are cashing out.
What's next?đĄ
âą Grayscale, another high-fee fund, plans to lower its fees.
âą No word yet from Purpose.
What do you think? Will lower fees attract more investors? Let's chat below!đ #Bitcoin #ETF #CryptoNews