Spot Bitcoin ETF Approval: Experts Skeptical Of SEC Greenlight, Less Than Half Expect It To Go Through In 2024, Bitwise Survey Reveals
Portfolio Pulse from Rounak Jain
A Bitwise and VettaFi survey reveals only 39% of financial advisors believe the SEC will approve a spot Bitcoin ETF in 2024. Firms like BlackRock, VanEck, and Valkyrie Investments await the SEC's decision on their applications. Despite Bloomberg analysts' 90% approval prediction, advisors are cautious, with 88% indicating approval would be a significant trigger for Bitcoin investment. Currently, only 19% of advisors can buy crypto on client accounts, but 98% of those investing in crypto plan to maintain or increase their exposure in 2024. The SEC's deadline for final amendments was Dec. 29, 2023, and Peter Schiff warns of potential market reactions to the approval news.
January 06, 2024 | 4:27 am
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NEUTRAL IMPACT
BlackRock is one of the firms with a pending spot Bitcoin ETF application with the SEC. The survey indicates a cautious outlook among advisors on the approval, which could affect BlackRock's ETF-related plans.
BlackRock's involvement in the spot Bitcoin ETF application makes it relevant to the news. However, the survey's lack of optimism doesn't directly impact BlackRock's operations but could influence investor sentiment regarding their ETF initiatives.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Grayscale Investments, which offers GBTC, has been involved in discussions with the SEC about their proposed Bitcoin ETFs. The survey's skepticism and the SEC's decision could impact GBTC's future.
Grayscale's GBTC is directly affected by the SEC's decision on Bitcoin ETFs, as indicated by their meetings with SEC officials. The survey's findings may affect investor expectations but do not directly change the current status of GBTC.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70