Bitcoin Spot ETF Approval Has 88% of Financial Advisors Waiting To Invest — TradingView News

Amid the anticipations of a Bitcoin spot ETF approval, several financial advisors interested in Bitcoin (BTC) across the United States expressed a cautious stance in the crypto market. A recent survey shows that 88% of advisors intend to invest in BTC, but only after the approval of spot Bitcoin exchange-traded funds (ETFs).

The sixth annual “Bitwise/VettaFi 2024 Benchmark Survey of Financial Advisor Attitudes Toward Crypto Assets” revealed that despite the growing enthusiasm for cryptocurrencies among clients, a significant number of financial advisors remain cautious.

Notably, only 39% of advisors anticipate the approval of a spot Bitcoin ETF in 2024. This is in stark contrast to the bullish sentiment of ETF analysts who estimate a 90% likelihood of approval in January. James Seyffart, for instance, expects Bitcoin ETF approvals by January 8-10.

The approval of a spot Bitcoin ETF is seen by many as a potential catalyst that could open the floodgates for increased crypto adoption in client portfolios. In a recent episode of “Good Morning Crypto,” Fox Business correspondent Eleanor Terrett emphasized that the approval of these ETFs would bring reassurance to those who previously viewed Bitcoin as a purely “speculative asset.”

The survey also highlighted that access to crypto remains limited for advisors, with only 19% reporting the ability to buy crypto in client accounts. However, once invested, advisors tend to stay committed, with 98% of those currently allocating to crypto planning to maintain or increase their exposure in 2024.