Bitwise Report: 88% of Advisors Interested in Buying Bitcoin Are Waiting for Spot Bitcoin ETF Approval

Bitwise Asset Management has released its sixth annual "Bitwise/VettaFi 2024 Financial Advisor Attitude Benchmark Survey" report. The report shows that less than half of the advisors expect a spot Bitcoin ETF to be launched in 2024, and only 39% of the advisors believe that a spot Bitcoin ETF will be approved in 2024. In contrast, Bloomberg ETF analysts believe that there is a 90% chance of approval in January.

The vast majority of people see its approval as a major catalyst, and 88% of advisors interested in buying Bitcoin are waiting for the approval of a spot Bitcoin ETF.

Access to cryptocurrencies is still limited, with only 19% of advisors saying they can buy cryptocurrencies in client accounts.

Among advisors who currently allocate cryptocurrencies in client accounts, 98% plan to maintain or increase this investment by 2024.

Among allocated advisors, the size of allocations is increasing. Large cryptocurrency allocations (over 3% of the portfolio) more than doubled, from 22% in 2022 to 47% in 2023.