Grayscale Investments CEO Michael Sonnenshein said that most of the 11 bitcoin ETFs approved by the SEC will not survive long-term. Grayscale's Bitcoin Trust ETF charges the highest fee in the industry at 1.5%, while most new ETFs charge between 0.2-0.4%. Sonnenshein defended Grayscale's higher fee, noting its position as the largest bitcoin fund, 10+ year track record, and diverse investor base. He said the lower-fee ETFs lack Grayscale's track record and issuer commitment and were approved to attract investors through fee incentives. Sonnenshein believes only 2-3 of the new ETFs will achieve meaningful asset levels, and the others may be removed from the market over time.