Spot Bitcoin ETF Approval: Only 39% Of Experts Expect SEC Greenlight In 2024, Bitwise Survey Reveals – BlackRock (NYSE:BLK), GRAYSCALE BITCOIN TRUST by Grayscale Bitcoin Trust (BTC) (OTC:GBTC)

Financial advisors are expressing doubt over the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) in 2024, according to a recent survey by Bitwise and VettaFi. The survey found that only 39% of financial advisors are confident in the SEC’s approval.

Several financial firms, including BlackRock, VanEck, and Valkyrie Investments, are awaiting the SEC’s decision on their spot ETF applications for Bitcoin, which is scheduled for January 10. Despite Bloomberg ETF analysts predicting a 90% approval probability, less than half of the advisors surveyed agree. However, 88% of the advisors view the approval as a significant trigger and are holding off on Bitcoin purchases until the ETF receives the green signal.

The study surveyed over 400 advisors nationwide and also found that only 19% have the ability to buy cryptocurrencies on client accounts, indicating restricted access to the asset class. However, of those advisors currently investing in crypto for their clients, 98% plan to maintain or increase their exposure in 2024.

Bitwise CIO Matt Hougan highlighted the gap in expectations between advisors and those monitoring ETF developments, stating that almost 90% of advisors are waiting for an ETF before investing in Bitcoin, indicating significant demand below the surface.

The SEC has reportedly held meetings with representatives from firms like BlackRock and Grayscale Investments to discuss their proposed Bitcoin ETFs. The deadline for final amendments was set for December 29, 2023, and issuers who failed to meet this deadline would not be considered for the early January approvals.

However, economist and gold advocate Peter Schiff cautioned about potential market reactions to an anticipated approval of Bitcoin ETFs by the SEC. Schiff warned that those waiting for the news to sell their Bitcoin might find very few speculators left to buy.

At the time of writing, Bitcoin was trading at $43,954.6119, up 1.02% in the last 24 hours. The approval of a spot Bitcoin ETF by the SEC could have significant implications for the cryptocurrency market and investor sentiment.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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