88% of Advisors Are Waiting For Bitcoin ETF Approval To Buy BTC
Portfolio Pulse from Khyathi Dalal
A Bitwise and VettaFi survey reveals 88% of financial advisors are waiting for a spot Bitcoin ETF approval to buy BTC, with only 39% expecting approval in 2024. Interest in Bitcoin among advisors dropped to 37% in 2023, while Ethereum interest increased to 25%. The report suggests crypto will become a normalized allocation, with 47% of advisors allocating more than 3% to crypto in 2023, up from 22% in 2022. Advisors also noted that clients are investing in crypto independently.
January 05, 2024 | 9:01 pm
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POSITIVE IMPACT
The anticipation of a spot Bitcoin ETF approval could lead to increased demand for Bitcoin, as 88% of financial advisors are waiting for such an ETF to start buying BTC.
The survey indicates a high level of interest from financial advisors in purchasing Bitcoin through an ETF. The approval of a spot Bitcoin ETF is seen as a catalyst that could significantly increase demand for Bitcoin in the short term, potentially leading to a rise in its price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Interest in Ethereum has increased among financial advisors, with 25% expressing interest in 2023, up from 20% in 2022.
The survey shows a growing interest in Ethereum among financial advisors, which could translate into increased investments in ETH. This heightened interest may lead to a positive impact on Ethereum's price in the short term as more advisors consider adding it to their portfolios.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70