A survey by exchange operator Nasdaq showed a majority of financial advisors said they would invest client funds in crypto if a spot ETF was available. The survey covered 500 financial asset managers in the United States.
72% of respondents said they were keen on investing in crypto. The survey comes amid growing calls from several groups for an ETF that directly tracks Bitcoin prices.
Institutional interest in crypto has also increased substantially this year. Exchange operator CME recently launched indexes that will track major altcoins- a first for the space. Wall Street giant Goldman Sachs also expressed interest in wanting to offer more crypto products to its institutional clients.
Institutional investors bullish on crypto
The survey also showed that 86% of financial advisors already invested in crypto planned to increase their allocations over the next 12 months. Virtually none of them planned to reduce their holdings.
The survey showed that on average, advisors allocated about 6% of a client’s total portfolio to crypto.
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As demand continues to surge, advisors will be looking for an institutional solution to the crypto question that now dominates client conversations.
-Jake Rapaport, Head of Digital Asset Index Research at Nasdaq
The data could indicate that despite recent market losses, crypto could be primed for a stellar rally this year. The entry of major trading houses into crypto was one of the key factors in the space’s wild rally through the past two years.
The case for a spot Bitcoin ETF
With an increasing number of calls for a spot Bitcoin ETF, the U.S. Securities and Exchange Commission (SEC) may soon have to acquiesce. The regulator has repeatedly denied proposals for a spot crypto ETF, and has so far only approved five ETFs that track crypto futures.
Currently, a proposal by asset manager Grayscale is being considered by the regulator. The asset manager has expressed confidence that its current proposal will be approved, despite multiple past rejections by the SEC.
But the Nasdaq survey showed that investors were not so sure about such an approval. Only 38% of the surveyed advisors saw a spot ETF being approved this year. 31% found it unlikely, 24% found it neither likely nor unlikely, while 7% were unsure.
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