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Cryptocurrency journalist and blogger Colin Wu has published a post about a poll that took place among Reddit users – Mt. Gox Bitcoin recipients – recently.

In that poll, those users, who received compensation from Mt. Gox in Bitcoin, revealed what they are going to do with the newly received BTC. The survey shows that the majority of the voters do not plan to sell it.

Mt. Gox Bitcoin poll on Reddit

According to Wu’s tweet, so far, there are 467 users who participated in the vote, called “What percentage of your Bitcoins will you sell immediately after receiving them?”

Two hundred sixty Redditors chose the “zero” option, which accounted for 55% of the voters. Eighty-eight Redditors voted for selling all of the BTC they will receive or have received from Mt Gox via centralized and currently operational cryptocurrency exchanges – that was 18% of the voters. Sixty-eight people said they would sell from 1% to 25% of their Bitcoin. Twenty-six Redditors chose the option of selling 25% to 50%.

A vote on the Reddit MtGox forum showed that among the 467 members who participated in the vote, 260 people chose not to sell the bitcoins after receiving the compensation, accounting for the highest proportion of 55%. 88 people chose to sell all, accounting for 18%, ranking… pic.twitter.com/9OaOxOOK2P

— Wu Blockchain (@WuBlockchain) July 18, 2024

Earlier this week, Mt. Gox transferred close to $6 billion worth of Bitcoin to crypto exchanges, which will then distribute the funds among Mt. Gox creditors and traders. Those people were hit by a massive funds loss as a result of a hack in 2014. The exchange became nonfunctional after that.

One of those exchanges, the U.S.-based platform Kraken, announced that it had received part of that Bitcoin and intends to send it to Mt. Gox customers within a week or two.

The results of the poll, however, mirror the opinion recently shared by Bitcoin advocate and Jan3 chief executive Samson Mow. He tweeted that he believes only about 20% of that crypto will eventually hit the market. The rest, he believes, will be locked in cold storage vaults.

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Whales scooping up Bitcoin like crazy, analyst says

Ki Young Ju, founder and CEO of CryptoQuant, shared data that shows that this year, whales have purchased 1.8 million Bitcoin. They include wallets holding more than 1,000 BTC, custodial wallets and spot Bitcoin ETFs. This means that every week, all these entities have been buying 100,000 Bitcoins.

In 2021, the overall Bitcoin inflow into those wallets amounted to 70,000 BTC.

#Bitcoin OTC markets are overwhelming CEX markets.Whale wallets (>1K BTC), including spot ETFs and custodial wallets, added 1.45M BTC this year, totaling 1.8M BTC.In 2021, about 70K BTC flowed in over the year; now, it's 100K BTC "weekly." I repeat. 100K BTC weekly. pic.twitter.com/YJPJpMtMPL

— Ki Young Ju (@ki_young_ju) July 17, 2024

The Ethereum ETF market is about to get wild. Next week, several Ethereum ETFs are set to list, and the competition is already fierce. To stand out, many issuers are slashing fees, even waiving them entirely, to attract investors.

According to information we got from Bloomberg ETF analyst James Seyffart, these promotional discounts range from full waivers to around 50% fee reductions. The offers vary in duration, from six months to a year, or until the funds hit certain asset levels.

Seven out of the ten proposed spot Ethereum ETFs are cutting fees. Grayscale Ethereum Trust (ETHE) and Invesco Galaxy Ethereum ETF aren’t joining the fee war.

ProShares Ethereum ETF is also out of the race for now, lagging behind in the registration process and not even expected to list next week.

Among the fee cutters, Franklin Templeton’s Franklin Ethereum ETF (EZET) is leading the charge. They are waiving management fees for a full year or until the fund reaches $10 billion in assets under management (AUM).

Even after this period, their baseline fee is only 0.19%, the lowest among them all. The fees for other spot Ether ETFs range between 0.20% and 0.25%. However, Grayscale Ethereum Trust (ETHE) is an exception.

Source: James Seyffart

Trading since 2017, Grayscale is sticking to its 2.5% fee. As Cryptopolitan reported earlier, they’re also launching a new product, Grayscale Ethereum Mini Trust, with a more competitive fee. For the first year or until AUM hits $2 billion, the Mini Trust will charge just 0.12%.

Nine asset managers are in the fray. We got BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Proshares, Franklin Templeton, and then Invesco/Galaxy Digital.

Each fund is almost identical, making fees a battleground. VanEck comes second after Franklin Templeton at 0.20%, and Invesco/Galaxy Digital at 0.25%.

The final list of fees will be revealed when the registration statements, or S-1s, are submitted to the SEC. This is expected on Tuesday, right before trading begins.

The ETFs will be listed on the Nasdaq, Chicago Board Options Exchange (CBOE), and New York Stock Exchange. James predicts that demand for the ETFs will be about 20% of the spot Bitcoin ETFs.

This is due to Ether’s market capitalization being roughly one-third of Bitcoin’s. He also points out a drawback. Investors won’t be able to stake their Ether, missing out on yield generation. 

Despite this, James believes the ETFs will be “extremely successful” by any standard. K33 Research also has bullish predictions.

They estimate that in the first six months of trading, inflows will hit $4 billion, about a quarter of the spot Bitcoin ETFs. If K33’s forecast is correct, 1% of all ETH in circulation could be absorbed by these ETFs by the end of the year.

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