It is expected that IBIT and GBTC will have a significant advantage in the competition for spot Bitcoin ETFs

Economist and cryptocurrency trader Alex Krüger said that the cost of operating an ETF is approximately $200,000 per year (possibly plus a few basis points), so based on a fee of 0.25%, this means that the breakeven point for these funds is around $80 million in assets under management. Therefore, it is expected that most Bitcoin ETFs will at least achieve breakeven in the first year, but only 2-3 will be able to survive and thrive in the long term. IBIT and GBTC may be the biggest winners as IBIT will be included in Blackrock's advisor model portfolios, while GBTC has embedded scale (creating liquidity) and some self-control demand due to capital gains (despite higher fees). The rest of the companies will find it difficult to stand out.