From Nasdaq, Inc.:

A Bitwise and VettaFi survey revealed that only 39% of financial advisors have confidence in the approval of a spot Bitcoin ETF by the SEC in 2024. This is despite experts predicting a 90% probability of approval. The study also found that 88% of advisors are waiting for ETF approval before investing in Bitcoin and only 19% have access to crypto for their clients’ accounts.

Significant financial firms, including BlackRock and VanEck, are waiting for the SEC’s decision on their spot ETF applications, scheduled for Jan. 10. A study of over 400 advisors nationwide found that 98% of those investing in crypto for their clients plan to retain or increase their exposure in 2024.

Meetings between the SEC and representatives from companies like BlackRock and Grayscale Investments have taken place to discuss proposed Bitcoin ETFs. Despite optimism around approval, economist Peter Schiff warns of the potential market impact of a Bitcoin ETF approval. BTC was trading at $43,954.6119 at the time of writing, up 1.02% in the last 24 hours.

The SEC set a deadline for final amendments by Dec. 29, 2023, for issuers to be considered for early January approvals. Schiff cautioned that those waiting for news of ETF approval to sell their Bitcoin might find few speculators left to buy. Benzinga does not provide investment advice.



Read more: Spot Bitcoin ETF Approval: Experts Skeptical Of SEC Greenlight, Less Than Half Expect It To Go Through In 2024, Bitwise Survey Reveals