Survey of financial advisers and Grayscale comments suggest strong support for spot crypto ETF

cointelegraph.com:

While the United States Securities and Exchange Commission (SEC) has yet to approve a spot Bitcoin exchange-traded fund, a recent Nasdaq survey suggested that the offering could lead to greater adoption of crypto among financial advisers.

According to the results of a Nasdaq survey released on Monday, 72% of 500 financial advisers would be more likely to invest their clients' assets in cryptocurrency should the SEC approve a spot crypto ETF product in the United States. For those already invested in crypto products, 86% of the financial advisers said they planned to increase allocations within a year — roughly half already have investments in ETFs linked to Bitcoin (BTC) futures.

“The vast majority of advisors we surveyed either plan to begin allocating to crypto or increase their existing allocation to crypto,” said Jake Rapaport, Nasdaq’s head of digital asset index research. “As demand continues to surge, advisors will be looking for an institutional solution to the crypto question that now dominates client conversations.”

New Nasdaq survey of financial advisors (who control $26T in assets) finds 72% of them would be more likely to invest in crypto if a spot ETF were available. Also of advisors curr investing in crypto, 86% plan to increase investment and their ideal allocation is 6% of port. pic.twitter.com/3r2mxbGny9

To date, the SEC has not offered any indication it plans to approve a spot BTC ETF anytime soon. The regulatory body has rejected several proposed rule changes on exchanges from the New York Digital Investment Group, Global X, ARK 21Shares and others that would allow firms to list and trade shares of a Bitcoin exchange-traded fund. In each rejection, the SEC stated the exchanges had not met the burden