Michael Sonnenshein: “There will only be 2-3 spot Bitcoin ETFs left”

Grayscale CEO Michael Sonnenschnein believes that of the 11 Bitcoin spot ETFs approved a week ago, only 2-3 funds will survive..

The Grayscale Bitcoin Trust ETF is currently the largest Bitcoin spot ETF in the world.. This is due to the fact that the company did not launch the fund from scratch, but converted its private investment fund into an ETF. At the same time, the commission for managing funds in this fund remained at 1.5%, which is the largest commission on the market. This is causing a significant outflow of funds from the Grayscale fund, but Michael Sonnenshine does not see this as a big problem.

“Investors place great importance on things like liquidity and fund history. It is also important who issued the fund, because Grayscale specializes in cryptocurrency products, which attracts investors. The fact that other funds charge lower fees shows their inexperience and that they are not very committed to this asset class. I don’t think there will be many funds left from the recently launched ones,” Sonnenschein said during an interview with CNBC in Davos..

The founder of Quantum Economics, Mati Greenspan, also believes that launching 11 spot Bitcoin ETFs at once is unreasonable and the market will consolidate. That’s why fees for managing funds in most funds are now so low.

Earlier, Michael Sonnenshein expressed confidence that Bitcoin is at the beginning of its journey and interest in the first cryptocurrency will continue to grow.