Cheaper multi-tier Bitcoin spot ETF trading fees than Coinbase! Spokesperson: No plans to reduce transaction fees

Bitcoin spot ETF opened brightly, with multiple ETF fees far lower than Coinbase

Bitcoin spot ETF performed well on its first day of listing, with trading volume reaching 20% in the first 20 minutes of opening Reaching US$500 million, the final transaction volume exceeded US$4.6 billion. Half of the transaction volume comes from GBTC (1.5%), which has the highest handling fee.

According to data from Bloomberg ETF analyst James Seyffart, there are currently as many as six issuers engaged in price wars and offering free initial management fees. However, a Coinbase spokesperson stated that they will not reduce transaction fees as a result.

Coinbase: No plans to reduce transaction fees

A Coinbase spokesperson told foreign media DLNews that the Bitcoin spot ETF provides asset managers, retirement funds, and tax-advantaged accounts with opportunities to participate in cryptocurrencies. . This is an open door for funds that were previously unable to enter the cryptocurrency market. However, Coinbase still views the Bitcoin ETF as a complementary, alternative product.

He said that although Coinbase currently has no plans to reduce transaction fees in response to the launch of ETFs, he believes that spot ETFs will become a catalyst in the crypto space and bring more credibility and liquidity to the cryptocurrency market. , and attract more new participants and institutions. He also predicts that in the future these users will want to be able to participate more directly in all aspects of the crypto economy through Coinbase.

The spokesperson emphasized that Coinbase will provide a series of services to ETF issuers, especially among the 11 Bitcoin ETFs, Coinbase has been selected as the custodian by 8 issuers. In addition, Coinbase will provide key services such as matching, settlement and financing.

According to the transaction fees page, Coinbase’s transaction fees range from 0.05% to 0.60% depending on the transaction volume level.

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