Only 39% of Financial Advisors Believe SEC Will Greenlight Spot Bitcoin ETF in 2024, According to Bitwise Survey
A new survey by crypto asset manager Bitwise and data and analytics platform VettaFi reveals that the majority of financial advisors are not optimistic that US federal regulators will finally give their nod to the much-anticipated spot Bitcoin (BTC) exchange-traded fund (ETF).
The U.S. Securities and Exchange Commission (SEC) will decide on January 10th whether or not to approve the applications of BlackRock, VanEck, Valkyrie Investments, Fidelity and other financial firms to offer a spot ETF for the benchmark crypto asset.
Bloomberg ETF analysts think there is a 90% chance that the securities watchdog will greenlight the investment product, but the new survey shows that less than half of financial advisors have a positive outlook for a spot Bitcoin ETF approval.
Despite the low expectations, the vast majority of financial advisors see the approval as a major catalyst, with 88% of those interested in buying Bitcoin indicating that they’re just waiting until after regulators give the thumbs up to a spot Bitcoin ETF.
The survey, which involved more than 400 financial advisors from across the US, also shows that only 19% of the respondents can buy crypto in client accounts, suggesting that access to crypto remains limited.
But of those who currently have an allocation to crypto for their clients, 98% say they plan to maintain or even increase the exposure in 2024.
Says Bitwise CIO Matt Hougan,
“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.”
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Author: Rhodilee Jean Dolor
