Jacquelyn Melinek, a senior reporter at TechCrunch, took to Twitter to share insider information on the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Melinek stated that her sources, described as extremely close to the matter, indicated that multiple firms’ applications for the Bitcoin spot ETF are expected to be approved by the SEC, with an announcement anticipated tomorrow.
Survey Highlights Doubts On Bitcoin ETF Approval
This development has left the crypto community on the edge of their seats, eagerly awaiting the SEC’s decision on the spot Bitcoin ETF. However, a recent survey conducted by Bitwise Asset Management and VettaFi suggests that financial experts in the U.S. are not entirely optimistic about the approval. According to the sixth annual “Bitwise/VettaFi 2024 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets,” only 39% of U.S.-based financial advisers believe that a Bitcoin ETF will be approved this year.
The survey, conducted from October 20 to December 18, revealed several key findings. Despite the skepticism among financial advisers, the approval of a spot Bitcoin ETF could potentially generate greater demand among investors than anticipated. Notably, 88% of advisers interested in purchasing Bitcoin are reportedly waiting for the approval of a spot Bitcoin ETF, viewing it as a major catalyst.
The survey also shed light on the current state of crypto adoption among financial advisers. Access to crypto remains limited, with only 19% of advisers claiming they can buy crypto in client accounts. However, among those who have already allocated funds to crypto, 98% plan to either maintain or increase their exposure in 2024.
Interestingly, the survey highlighted a significant shift in the size of crypto allocations, with large allocations (more than 3% of a portfolio) rising from 22% in 2022 to 47% in 2023. Furthermore, client interest in crypto remains robust, as 88% of advisers reported receiving questions about digital assets from clients in the past year.
While regulatory uncertainty was cited by 64% of advisers as a barrier to greater crypto adoption, volatility ranked as the second most pressing concern for 47% of respondents. In terms of specific cryptocurrencies, Bitcoin remains the preferred choice among advisers, with 71% favoring it over Ethereum.
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