BlackRock and Ark Investment Management have slashed fees for their planned spot bitcoin exchange-traded funds (ETFs). BlackRock's iShares Bitcoin Trust has lowered its fee from 0.30% to 0.25%, while Ark 21Shares Bitcoin ETF reduced its fee to 0.21% from the initial 0.25%.

BlackRock and Ark submitted the revised filings to the regulator shortly after a false message briefly appeared on the Securities and Exchange Commission's (SEC) social media account, falsely asserting the approval of the long-awaited spot Bitcoin ETF.

Despite this, most issuers remain optimistic about the SEC's potential approval of the fund by Wednesday afternoon, with trading anticipated to commence as early as Thursday morning, Reuters reported.

BlackRock and Ark Compete for Market Share

This maneuver sparks an unprecedented fee battle, occurring even before the approval from the SEC for these investment products is granted. Both BlackRock and Ark are demonstrating a sense of urgency to capture a significant portion of the expected capital inflow.

LOWER: BlackRock has just cut the fee on its spot Bitcoin ETF to 0.25% (and 0.12% for the first $5b). They really going for the jugular here, looking to crush the others bf they even born, just brutal. ARK has also cut to 0.21%. Bitwise curr low at 0.20%. Terrordome life. pic.twitter.com/PtSrvAinbW

— Eric Balchunas (@EricBalchunas) January 10, 2024

Despite the social media frenzy surrounding the false announcement of approval, the SEC is poised to decide on the application from asset managers Ark Investments and 21Shares. This decision could pave the way for a transformative shift in the crypto landscape.

Optimism amidst Social Media Turmoil

Various asset managers, including Fidelity and VanEck, have submitted applications to list spot Bitcoin ETFs. If approved, these ETFs would mark a significant milestone for Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, enabling institutional and retail investors to access cryptocurrency without directly possessing it.

Despite the SEC's silence regarding its decision, industry insiders had expressed confidence earlier in the week, foreseeing a favorable ruling for the applications from Ark, 21Shares, and other pending applications, according to a report by Reuters.

The @SECGov X account was compromised, and an unauthorized post was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.

— U.S. Securities and Exchange Commission (@SECGov) January 9, 2024

On Tuesday, an unauthorized post appeared on the SEC's social media account, erroneously claiming approval for all the Bitcoin ETF products. This misinformation sent shockwaves across the industry, triggering volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term in the price of Bitcoin. However, the industry is optimistic that the US watchdog will still approve the funds.

Ben Zhou, the Co-Founder, and CEO of Bybit, mentioned: "The Bitcoin ETF's approval is not just about enabling new investment products; it is a beacon of Bitcoin's maturity as an asset class and a testament to the tireless work of the crypto community to meet and exceed regulatory standards. This historic approval signifies a leap toward mainstream adoption and a more investment landscape, promising an exciting future where digital assets stand shoulder to shoulder with traditional ones."