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Bitcoin ETFs like WisdomTree Bitcoin Fund ETF are gaining interest, but BTCW has underperformed Bitcoin due to various fees and expenses. Despite BTCW's superior returns compared to other Bitcoin spot ETFs, it still lags behind direct BTC-USD holdings by nearly 10 percentage points. The fund's underperformance is attributable to custody fees and non-recurring expenses; this despite the sponsor fee waiver.
Helped in part by U.S. election results, bitcoin surged in November. As of late November 29, the largest cryptocurrency was flirting with a monthly gain of almost 40% — an astounding ascent considering the digital assets previous year-to-date bullishness.
The WisdomTree Bitcoin Fund ETF tracks the same Bitcoin Reference Rate index as IBIT, but suffers from illiquidity and higher bid/ask spreads, with an Average Spread of 0.09%. BTCW offers a 0% expense ratio until January 2026. However, IBIT counters with a six-month discounted fee of 0.12%, narrowing the effective savings. I see BTCW's declining trading volume as a shift toward long-term holding, while IBIT continues to attract active traders and benefits from a virtuous liquidity cycle.
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