Wall Street Advisors Eager for Bitcoin Spot ETF: 80% Expect Launch, Half Hold BTC!

3 min readDec 6, 2023

Click here to register with DigiFinex and enjoy cryptocurrency trading.

Wall Street’s High Hopes for Bitcoin Spot ETF

The eagerly anticipated arrival of the United States’ first Bitcoin spot Exchange-Traded Fund (ETF) has the crypto market buzzing. With heavyweight financial institutions like BlackRock, Hashdex, Grayscale, 21Shares (in collaboration with Ark Invest), Bitwise, VanEck, Wisdomtree, Invesco, and Fidelity among over ten organizations awaiting SEC approval, the stage is set for a potential market shake-up.

Further reading：The Battle for Bitcoin Spot ETF Heats Up: Pando Asset Joins, BlackRock and SEC Rendezvous Again

Vast Majority of Financial Advisors Awaiting Bitcoin Spot ETF

According to Ric Edelman, founder of the asset management firm Edelman Financial Services managing $250 billion, an overwhelming majority of financial advisors are keenly waiting for the launch of the Bitcoin spot ETF. In a recent Coindesk podcast episode of Unchained, Edelman revealed that 77% of financial advisors from their last survey are awaiting the ETF’s arrival to offer it to their clients.

“This is just like any other ETF, investing in computer technology, oil and gas, gold and precious metals, emerging markets. Now, these kinds of ETFs are for blockchain and digital assets”, Edelman stated.

If you want to trade BTC immediately, click here!!!

47% of Advisors Hold Bitcoin

Furthermore, Edelman disclosed that up to 47% of financial advisors hold Bitcoin, understanding its potential as an innovative technology with significant investment returns. This personal investment reflects their belief in the asset’s value.

The Future Client-Advisor Conversation on Bitcoin

Edelman envisioned a future scenario where financial advisors would need to explain their own Bitcoin investments to clients. “When clients finally say ‘Should I buy Bitcoin?’, how will they explain to their clients that they’ve been holding Bitcoin for years without advising them to buy?” he pondered.

First Spot ETF Likely Approved by January 2024

Many market experts anticipate a simultaneous approval of multiple Bitcoin spot ETFs by the SEC. Bloomberg ETF analysts Eric Balchunas and James Seyffart optimistically predict a 90% chance of approval before the next decision deadline on January 10, 2024. Seyffart noted that any potential approval would likely be announced between January 8 and 10, 2024, which could significantly impact Bitcoin’s volatility.

Further reading：Triple Bitcoin Spot ETF Decision Delayed: Analyst Foresees High Approval Odds by January 10th

A Transformative Moment for Crypto

The potential approval of Bitcoin spot ETFs marks a transformative moment in the crypto space. With Wall Street’s financial advisors on board and a high level of anticipation in the market, the launch of these ETFs could herald a new era in cryptocurrency investment.