Only 39% of experts optimistic about imminent approval of a Bitcoin Spot ETF

Players in the world of finance and crypto are firmly awaiting the date January 10, 2024. This is the deadline set by experts for the approval of a spot Bitcoin ETF. A perspective that is not unanimous within the financial ecosystem. According to a recent survey, a significant number of financial advisors doubt that the long-awaited approval will come as announced!

39% financial advisors believe in approving a Bitcoin Spot ETF

Crypto platforms Bitwise and VettaFi recently conducted an investigation regarding the approval of a Bitcoin Spot ETF expected on January 10. The results of these investigations involving more than 400 financial advisors in the United States are negative.

They show thata large majority of financial advisors doubt the approval by the Securities and Exchange Commission (SEC) of a spot Bitcoin ETF. This is a big deal when the chances of approval of a Bitcoin ETF by the SEC are estimated at 90%.

Indeed, it seems that this prognosis stated by ETF experts is not unanimous. This is all that emerges from the survey which reveals that only 39% of financial advisors share this optimistic point of view.

Despite everything, the possibility of a green light from the SEC regarding a Bitcoin Spot ETF is not seen as a trivial event. On the contrary, this perspective is considered an essential factor for participation in the crypto market.

Only 39% of financial advisors believe in imminent approval of a Bitcoin Spot ETF, despite general market optimism

A perspective nevertheless viewed positively

It should be noted that a large proportion of advisors are ready to enter the bitcoin market once regulatory authorization is granted. According to the survey, 88% see it this way.

Paradoxically, the investigations highlight the limited access of financial advisors to cryptos. Only 19% of respondents say they can buy cryptos on their clients’ accounts, a sign of the constraints weighing on the crypto investment landscape.

However, among financial advisors currently allocating funds to crypto for their clients, an overwhelming majority (98%) express their intention to maintain their exposure. The ambition is to increase it in 2024.

Matt Hougan, the chief investment officer at Bitwise, draws attention to a key element of the investigation. He reports that despite considerable attention focused on the potential approval of a spot Bitcoin ETF, the market does not appear to have priced in this development. This results in a notable disparity between the expectations of financial advisors and those of people who closely follow the evolution of issues surrounding ETFs.

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