A recent survey conducted by Bitwise, a crypto asset manager, and VettaFi, a data and analytics platform, has revealed that most financial advisors are not hopeful about the US federal regulators approving the much-awaited spot Bitcoin (BTC) exchange-traded fund (ETF).
The U.S. Securities and Exchange Commission (SEC) is set to make a decision on January 10th on whether to approve the applications of several financial firms, including BlackRock, VanEck, Valkyrie Investments, and Fidelity, to offer a spot ETF for the benchmark crypto asset.
Despite Bloomberg ETF analysts predicting a 90% chance of the securities watchdog approving the investment product, the survey shows that less than half of financial advisors have a positive outlook for a spot Bitcoin ETF approval.
However, even with the low expectations, a significant majority of financial advisors view the approval as a major catalyst. 88% of those interested in buying Bitcoin have indicated that they are waiting until after regulators approve a spot Bitcoin ETF.
The survey, which included over 400 financial advisors from across the US, also revealed that only 19% of the respondents can buy crypto in client accounts, suggesting that access to crypto remains limited. Yet, among those who currently have an allocation to crypto for their clients, 98% say they plan to maintain or even increase the exposure in 2024.
Bitwise CIO Matt Hougan commented on the findings, stating, “The big takeaway from these advisors this year is that, for all the hoopla surrounding the potential approval of a spot bitcoin ETF, it doesn’t appear to be priced in. There’s a massive gap in expectations between advisors and those who monitor ETF developments for a living. Couple that with the fact that almost 90% of advisors say they’re waiting for an ETF before making a bitcoin investment, and you see a lot of demand bubbling just below the surface.”
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Matt Hougan |
| Companies | Fidelity, VanEck, Valkyrie Investments, Bitwise, U.S. Securities and Exchange Commission, The Daily Hodl, VettaFi, BlackRock, Bloomberg |
| Currencies | Bitcoin |
| Securities | None |
