The enthusiasm surrounding the potential spot Bitcoin ETF products is not uniform as a recent survey published by Bitwise, one of the investment management firms in the race for the fund’s approval.
Insight into Bitwise Spot Bitcoin ETF Survey
According to the survey, less than half of the surveyed 437 financial investment advisors in the United States are optimistic that a spot Bitcoin ETF will be approved this year. In actual figures, this figure is pegged at 39%.
This finding is shocking because the current market sentiment indicates full readiness by the majority of applicants to secure approval for the exchange-traded fund application from the United States Securities and Exchange Commission (SEC). Compared to the 39% expectation, Bloomberg’s top ETF analysts, Eric Balchunas and James Seyffart have maintained the 90% approval odds issued on the Bitcoin ETF in the past year.
LESS THAN HALF OF ALL ADVISORS EXPECT A SPOT BITCOIN ETF IN 2024…
In a surprising development, only 39% of advisors believe a spot bitcoin ETF will be approved in 2024. By contrast, Bloomberg ETF analysts peg the likelihood of a January approval at 90%.
— Bitwise (@BitwiseInvest) January 4, 2024
The Bitwise crypto survey also shared other insightful details about the perception of the broader digital currency ecosystem. According to the survey, accessibility to digital currencies has been named as a major barrier to adoption. About 19% of the respondents named this as a key to why they are yet to be fully sold out on the nascent financial ecosystem.
Despite these obvious challenges, the majority of financial advisors numbering up to 88% said they are interested in adopting Bitcoin but with a caveat. This caveat is hinged on the potential approval of a spot Bitcoin ETF by the SEC.
A major trend observed in the survey is the willingness to maintain or increase current exposure to spot Bitcoin ETFs. 98% of investment advisors with current crypto exposure intend to maintain or increase their allocations once more regulatory clarity is secured.
Bitcoin ETF: Key Expectations
On at least 2 occasions, the digital currency ecosystem has reacted in a jittery manner to spot Bitcoin ETF news. The first came when an update came from Cointelegraph last year regarding the false approval of BlackRock’s ETF application.
Earlier this week, Matrixport also reported that the SEC may likely disapprove spot Bitcoin ETFs on grounds it may not align with the regulator’s current policies. While these updates stirred a massive slump in the price of Bitcoin and the broader market, many industry giants including Bitwise are bullish on the prospects of bagging an approval.
To solidify this bullish sentiment, Bitwise predicted that Bitcoin’s price following this approval would skyrocket to $80,000 this year.
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