First, exchanges should be a bit fearful. If new investors want price exposure to bitcoin and don’t care about the aspect of it that makes it cool (like using it), then those investors will look to pay as little as possible for that bitcoin. Why would an investor pay a 1% fee at an exchange when they could pay a tiny fraction of that through an ETF when they aren’t interested in actually using bitcoin?
Source: https://www.coindesk.com/consensus-magazine/2023/06/16/blackrocks-bitcoin-etf-would-be-a-big-deal/?utm_medium=referral&utm_source=rss&utm_campaign=headlines