Alex Thorn, head of research at Galaxy Digital, said that Bitcoin ETFs have largely yet to be adopted on a large scale by their "primary market," and that they need more time before putting client money to work. Alex Thorn referred to the wealth management industry, which he estimated has $48 trillion in assets under management. He said, "Most US wealth management firms [with assets under management] are affiliated with banks or broker-dealers, and these platforms have yet to add Bitcoin ETFs to their investment choices, which will take time, but it will happen."