Expert survey shows: 39% of experts believe that Bitcoin spot ETF is expected to be approved this year, and BTC is expected to face significant fluctuations

Bitwise Asset Management and VettaFi, two cryptocurrency index fund managers, today released their sixth annual “Bitwise/VettaFi 2024 Financial Advisor Attitudes Benchmark Survey on Crypto-Assets” report . The report was conducted from October 20 to December 18 this year and collected responses from 437 financial advisors.

Only 39% think it will be approved

According to the report, only 39% of advisors expect a Bitcoin spot ETF to be approved in 2024. In contrast, Bloomberg ETF analysts believe that the likelihood of the Bitcoin spot ETF being approved in January this year is as high as 90%.

The vast majority of respondents believe that the passage of the Bitcoin spot ETF is an important catalyst. According to the survey results, 88% of advisors expressed interest in buying Bitcoin, but they are currently waiting for approval of a Bitcoin spot ETF. Additionally, only 19% of advisors said they were able to purchase cryptocurrencies in their client accounts, meaning access to cryptocurrencies remains somewhat restricted.

Key findings from the remainder of the survey include:

98% of advisors currently allocating cryptocurrency to client accounts intend to maintain or increase such investments in 2024

59 % of advisors say “some” or “all” of their clients invest in cryptocurrencies on their own outside of advisory relationships The main barrier to widespread adoption, while 47% of advisors believe volatility is a minor but urgent issue that needs to be addressed.

Compared to Ethereum, 71% of advisors preferred Bitcoin to Ethereum, a significant increase from 53% the previous year.

Bitcoin may face greater volatility

Whether the U.S. Securities and Exchange Commission (SEC) will approve the application for a Bitcoin spot ETF before January 10 as expected by the market is affecting the Bitcoin market. towards.

After Matrixport issued a research report on the 3rd, warning that since the SEC’s requirements for Bitcoin spot ETFs have not been fully met, the SEC will not clear any Bitcoin spot ETFs in January, Bitcoin fell sharply on the evening of the 3rd. It plummeted by more than $4,000 in one hour, plummeting from around $45,000 to $40,750, and tens of thousands of people liquidated their positions instantly.

But soon, Fox Business quoted people familiar with the matter as reporting that the SEC may approve the ETF as soon as this Friday, and after the official start of trading next week, the price of Bitcoin rebounded rapidly due to this, and today It once rose back to US$45,000 in the morning, but fell back again before the deadline, reporting at US$43,484, an increase of 1.3% in the past 24 hours.

Bitfinex analysts pointed out that derivatives traders currently expect “unprecedented” volatility in the Bitcoin market. Options market signals indicate that derivatives traders’ current volatility expectations are higher than those expected throughout 2023. annual volatility levels.

Currently, Bitcoin’s implied volatility has surged to a new multi-month high of 70.1%, which is higher than the historical average volatility of 41.1%. Bitfinex analysts remind that because of the upcoming SEC decision, people should pay attention to short-term options. Implied volatility spiked, suggesting investors must be aware of greater moves.

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