A brand new survey from digital asset administration companies Bitwise and ETF knowledge supplier VettaFi has revealed a notable disparity in expectations amongst monetary advisors relating to the approval of a spot Bitcoin ETF in 2024.
Whereas the survey indicated persistent shopper curiosity in crypto, it additionally uncovered lingering limitations confronted by monetary advisors, akin to restricted entry to crypto, regulatory uncertainty, and considerations about market volatility, an announcement from the 2 companies mentioned.
In line with the findings, lower than half of the surveyed advisors (39%) anticipate the approval of a spot Bitcoin ETF in 2024, contrasting sharply with Bloomberg ETF analysts’ estimate of “a very optimistic 90%” probability of an ETF approval by January.
LESS THAN HALF OF ALL ADVISORS EXPECT A SPOT BITCOIN ETF IN 2024…
In a stunning growth, solely 39% of advisors consider a spot bitcoin ETF might be permitted in 2024. Against this, Bloomberg ETF analysts peg the probability of a January approval at 90%.
— Bitwise (@BitwiseInvest) January 4, 2024
Regardless of decrease expectations for approval, a considerable 88% of advisors who expressed curiosity in buying Bitcoin plan to take action after the approval of a spot Bitcoin ETF, suggesting the potential for an unexpectedly significant market impact.
Solely 19% of advisors declare the power to purchase crypto in shopper accounts, indicating restricted entry to digital property of their advisory capability.
Advisors already invested in crypto point out a powerful dedication, with 98% planning to both keep or improve their publicity in 2024.
The dimensions of crypto allocations can be on the rise, with 47% of shopper portfolios with crypto publicity exceeding 3%.
88% of Advisors Acquired Inquiries About Crypto as Bitcoin ETF Speak Intensifies
Regardless of challenges, 88% of advisors obtained shopper inquiries about crypto previously 12 months.
Notably, 59% of advisors reported that “some” or “all” of their purchasers have been independently investing in crypto outdoors of their advisory relationship.
In a notable shift from the earlier 12 months, 71% of advisors favor Bitcoin over Ethereum, marking a big improve from the earlier 12 months’s 53%.
Regulatory uncertainty stays a big concern, cited by 64% of advisors, adopted carefully by considerations about market volatility (47%).
The survey garnered responses from greater than 400 monetary advisors throughout the US.