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Bitcoin

Spot Bitcoin ETF Approval Has 88% Of Advisors Waiting To Invest

January 4, 2024 - Around 2 mins mins to read

Key Points:

  • The Bitwise 2024 survey shows 39% of advisors expect a spot bitcoin ETF approval, but 88% plan to invest post-approval.
  • Only 19% of advisors can buy crypto for clients, yet 98% of current allocators aim to increase exposure in 2024.
  • BlackRock and Fidelity push for spot bitcoin ETF approval, anticipating a potential $1 billion cash flow, says CoinShares’s James Butterfill.
Bitwise partnered with VettaFi, a prominent data-driven ETF platform, to unveil the insights from their sixth annual “Bitwise/VettaFi 2024 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets.”
Spot Bitcoin ETF Approval Has 88% Of Advisors Waiting To Invest

Spot Bitcoin ETF Approval: Cautious Advisors and High-Interest

Conducted from October 20 to December 18, the survey showcased key findings:

  • Less than half of advisors (39%) anticipate the approval of a spot bitcoin ETF in 2024, contrasting with Bloomberg ETF analysis predicting a 90% likelihood in January.
  • Despite low expectations, 88% of advisors interested in Bitcoin plan to invest after spot Bitcoin ETF approval, indicating potential increased demand.
  • Crypto access for advisors remains limited, with only 19% able to buy crypto in client accounts.
  • A staggering 98% of advisors are currently allocating to a crypto plan to either maintain or increase exposure in 2024.
  • Large crypto allocations (over 3% of a portfolio) rose from 22% in 2022 to 47% in 2023 among advisors with crypto exposure.
  • Client inquiries about crypto persist, with 88% of advisors receiving questions in the past year.

Over 400 financial advisors, including registered investment advisors, broker-dealer representatives, financial planners, and wirehouse representatives, participated in the survey.

The spotlight is on the anticipation of a spot bitcoin ETF, potentially bringing $1 billion in cash flow in the near term, according to James Butterfill, CoinShares’s Head of Research. Major ETF players, BlackRock and Fidelity, made a final push for spot Bitcoin ETF approval, filing amended registration forms with the SEC in late December, with Jane Street Capital and JPMorgan Securities LLC as authorized participants.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bitcoin

BTC

SEC

Spot Bitcoin ETF

Spot Bitcoin ETF Approval

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Bitcoin

Spot Bitcoin ETF Approval Has 88% Of Advisors Waiting To Invest

Key Points:

  • The Bitwise 2024 survey shows 39% of advisors expect a spot bitcoin ETF approval, but 88% plan to invest post-approval.
  • Only 19% of advisors can buy crypto for clients, yet 98% of current allocators aim to increase exposure in 2024.
  • BlackRock and Fidelity push for spot bitcoin ETF approval, anticipating a potential $1 billion cash flow, says CoinShares’s James Butterfill.
Bitwise partnered with VettaFi, a prominent data-driven ETF platform, to unveil the insights from their sixth annual “Bitwise/VettaFi 2024 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets.”
Spot Bitcoin ETF Approval Has 88% Of Advisors Waiting To Invest

Spot Bitcoin ETF Approval: Cautious Advisors and High-Interest

Conducted from October 20 to December 18, the survey showcased key findings:

  • Less than half of advisors (39%) anticipate the approval of a spot bitcoin ETF in 2024, contrasting with Bloomberg ETF analysis predicting a 90% likelihood in January.
  • Despite low expectations, 88% of advisors interested in Bitcoin plan to invest after spot Bitcoin ETF approval, indicating potential increased demand.
  • Crypto access for advisors remains limited, with only 19% able to buy crypto in client accounts.
  • A staggering 98% of advisors are currently allocating to a crypto plan to either maintain or increase exposure in 2024.
  • Large crypto allocations (over 3% of a portfolio) rose from 22% in 2022 to 47% in 2023 among advisors with crypto exposure.
  • Client inquiries about crypto persist, with 88% of advisors receiving questions in the past year.

Over 400 financial advisors, including registered investment advisors, broker-dealer representatives, financial planners, and wirehouse representatives, participated in the survey.

The spotlight is on the anticipation of a spot bitcoin ETF, potentially bringing $1 billion in cash flow in the near term, according to James Butterfill, CoinShares’s Head of Research. Major ETF players, BlackRock and Fidelity, made a final push for spot Bitcoin ETF approval, filing amended registration forms with the SEC in late December, with Jane Street Capital and JPMorgan Securities LLC as authorized participants.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.