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In early June, two asset management giants, Franklin Templeton and BlackRock, filed novel Bitcoin ETFs. These don't aim for direct Bitcoin purchases, but for structured, automated investment products tailored to different investor types.

Franklin Templeton's 'Drip' ETFs (Dividend Reinvestment Plan)

• Idea: An age-old concept (dividend reinvestment) is applied to Bitcoin.
• How it works: The fund holds a basket of US stocks (e.g., 500 large caps). The dividends from these stocks are not reinvested but funneled automatically into Bitcoin exposure (via spot ETFs, futures & options).
• Investor experience: No wallet, no exchange, no decision. The investor owns 'boring' dividend stocks while a machine accumulates Bitcoin in the background.
• Mechanics: Starts at 95% stocks / 5% BTC. Quarterly rebalancing back to 4.5% BTC, with a hard 20% cap.
• Target audience: The cautious boomer who will never use a crypto exchange.
• Status: Earliest start date: September 1st.

BlackRock's 'Beta' ETF (Covered Call Income)

• Idea: Income over growth. Holds spot Bitcoin and sells call options on 25-35% of the portfolio.
• Target: Monthly payouts of 15-25% annualized yield while capturing about 70% of Bitcoin's price moves.
• Fee: 0.65%.
• Target audience: The income-oriented investor.

• Bitwise forecasts over 100 new crypto ETFs this year.
• Driver: An SEC rule change in September 2025, shortening the review process for crypto ETPs from 240 to approximately 75 days – an 'assembly line' approval.

• Bitcoin is trading around $59,500 (52% below its ATH of $124,720), RSI at 31 (oversold), Fear & Greed Index at 13 (extreme fear).
• US spot Bitcoin ETFs saw outflows of roughly $6.35 billion over seven weeks. Total assets collapsed from $170 billion to $73 billion.
• The Coinbase Premium Index has been negative for 46 consecutive days – the longest streak on record, signaling a lack of institutional buyers.

• Drip products create automatic, calendar-based demand regardless of Bitcoin's price. The fund buys at $124,000 just as it does at $59,000.
• Leverage: US retirement assets amount to approximately $47.6 trillion. Even a modest 1% allocation (suggested by BlackRock) would channel $476 billion into Bitcoin – dwarfing the current ETF market.

• Fees on fees: The investor pays management fees + costs of underlying Bitcoin instruments + trading costs. Over a 30-year horizon, this can compound into a significant drag.
• Blind buying mechanism: The Drip buys Bitcoin not because it's cheap, but because a stock pays a dividend. The same product would have bought with equal enthusiasm at the ATH.
• Froth signal: Historically, product floods have often been top signals (e.g., ProShares Futures ETF three weeks before the 2021 top). However, this launch occurs at a 52% discount, not at a peak.

The development is on a knife's edge. Two truths coexist:

1. Structural shift: The marginal buyers are changing from speculative, reactive investors to automatic, price-insensitive flows from the world's deepest capital pools.
2. Fee factory: The same product could be a simple extraction mechanism, burdening the small investor with three layers of cost.

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Why Heating is Getting More Expensive (And What You Can Do About It)

• Gas price increase: The gas price has risen by two and a half times since January 2025.
• Main reason: The conflict in Iran and the blockade of the Strait of Hormuz, through which a quarter of the world's shipped oil and a fifth of its liquefied natural gas (LNG) passes.
• Global impact: Although Germany is hardly directly affected, global market prices are rising for everyone.
• Gas storage: The targeted fill level of 80% before winter is not expected to be reached.

Important: The average gas price is falling temporarily for existing customers because utilities purchased cheaply and the gas storage levy was dropped. However, new customer tariffs are over a third more expensive. Price increases of 10-20% are expected for existing customers at the turn of the year.

• Network charges: Make up about one-fifth of the gas price and have risen by 10%.
• CO₂ price: Was 55 € per ton in 2025, currently between 55 and 65 € per ton in 2026.

Free & Easy Tips

1. Bleed your radiators: Especially important on upper floors. Air in the system reduces efficiency. Easily done with a radiator key from a hardware store.
2. Ventilate properly: Open windows wide several times a day instead of leaving them tilted constantly. A hygrometer helps monitor humidity and prevent mold.
3. Heat strategically: Every degree you lower the thermostat saves roughly 6% heating energy. Heat rooms according to their use (see recommendations from the German Environment Agency).
4. Circulate the air (with high ceilings): A fan on a low setting distributes warm air more effectively in the room.
5. Close stairwell and apartment doors: Prevents cold drafts and heat loss.

Tips with a Small Budget & Effort

6. Seal windows and doors: Check for drafts (e.g., with a strip of paper) and seal them with draft excluder tape from a hardware store. Savings: approx. 13 € per window per year.
7. Use a low-flow shower head: Reduces hot water consumption (approx. 12% of energy use) and saves money.

Financial & Strategic Tips

8. Secure current prices: If you have your own gas contract, switch to a tariff with a price guarantee to lock in the current rate for a year.
9. Check your utility bill!
   • Deadline: Your landlord must present the bill for 2025 by Dec 31, 2026. If it is late (due to their fault), you don't have to pay the balance.
   • Apportionment: Check if costs are distributed fairly.
   • Disallowed costs: Repair costs, bank charges, or postage cannot be passed on by the landlord.
   • Right to reduce payment: If heating costs are not billed based on consumption, you can reduce your share by 15%.
10. Adjust monthly advance payments: Increase your monthly payments or build a small reserve in a savings account to avoid unexpected large bills.

You are not helpless against the price increases. With the tips mentioned alone, an average of 465 € per year per apartment can be saved. Act now, because your consumption this winter will determine the amount of your additional payment in 2027/2028.

Further Information:

• The full interview with energy economist Malte Küper is available on the Finanzus podcast.
• A detailed guide on checking your utility bill is available in the newsletter.