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Financial Advisors Expect Approval of Spot Bitcoin ETF Despite Delays

According to a recent benchmark survey by Bitwise and VettaFi, only around 39% of financial advisors expect the approval of a spot Bitcoin exchange-traded fund (ETF) in 2024.

Contrasting Predictions for ETF Approval

This low sentiment surrounding ETF approval contrasts sharply with analysis from Bloomberg ETF analysts, who estimate around a 90% likelihood of a spot Bitcoin ETF gaining approval by January 2024.

Paradoxical Impact of ETF Approval

Around 88% of advisors interested in Bitcoin indicated they would purchase it following a spot ETF approval, highlighting the paradoxical impact that ETF approval could have. Currently, only 19% of advisors can buy crypto for their client accounts.

Among advisors already invested in crypto, 98% plan to maintain or increase their exposure in 2024.

Growing Crypto Allocations

The survey found that 47% of client portfolios with crypto exposure have allocations exceeding 3%. Around 88% of advisors received client inquiries about crypto, and 59% noted that some or all clients invest in crypto independently of their advisory services.

Changing Preferences

There is a clear preference shift among advisors in favor of Bitcoin over Ethereum, increasing from 53% the previous year to 71% in 2023.

Regulatory uncertainty was cited as a major concern by 64% of advisors, while 47% worried about market volatility.

The survey received responses from over 400 financial advisors across the U.S., summarized by Bitwise and conveyed on Althalla.com.


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