The UK crypto exchange-traded note (ETN) market is experiencing a significant price war following the resumption of retail access on October 8. Leading issuers, including Bitwise, 21Shares, Fidelity, and Invesco, have aggressively reduced fees for bitcoin-linked products to as low as 0.05%, undercutting traditional fund rates. This move comes after the Financial Conduct Authority (FCA) lifted a four-year ban, allowing retail investors to purchase crypto ETNs in tax-free accounts. The reopening has led to a surge in trading volumes, with Bitcoin ETNs on the London Stock Exchange reaching $7.2 million daily. BlackRock has also entered the market with its European iShares Bitcoin ETP. Despite the competitive fee reductions, the FCA has cautioned investors about the risks involved, and some brokers, such as Hargreaves Lansdown, remain skeptical. Analysts predict that the ongoing competition will continue to lower costs and increase product diversity in the market.