BlackRock: 80% of Bitcoin spot ETF users are independent investors! Most investment advisors still wait and see

The U.S. Securities and Exchange Commission officially approved 11 Bitcoin spot ETFs in January this year, and the trading volume exceeded US$4.6 billion on the first day of listing, attracting widespread market attention. In addition, with the influx of traditional financial investors, the single-day net inflow of Bitcoin spot ETFs also reached its peak on March 12, and the price of Bitcoin also exceeded the US$70,000 mark in one fell swoop.

Bitcoin’s risks make financial advisors cautious

In this context, BlackRock ETF and Index Chief Investment Officer Samara Cohen said at the Coinbase Cryptocurrency Summit held on the 13th that the current 80 % of Bitcoin spot ETF purchases come from "self-directed investors": they usually conduct their own allocations through online brokerage accounts. Cohen pointed out that according to last quarter's 13-F filing, hedge funds and brokerage firms also bought However, registered investment advisors (RIAs) are more cautious: investment advisors are the fiduciary of their clients. This asset class has historically seen price swings of 90% at times, and their job is really to build the portfolio and do risk analysis and due diligence. They're doing it now.

However, Cohen believes that this is also a critical moment for Bitcoin spot ETFs: Now is a critical moment. We need to provide important data and risk analysis to determine the role Bitcoin can play in investment portfolios, and according to investors’ Risk tolerance and liquidity needs determine the appropriate allocation.

Investment Adviser is authorized and regulated by the Securities and Exchange Commission (SEC) or the state government (as applicable). The SEC will require "investment advisers" to register and become "registered investment advisers (RIA)". They all have Fiduciary Duty (fiduciary responsibility) and put the interests of their customers first. Financial advisors (Financial Advisers) are not regulated, so anyone can publicly call themselves a financial advisor.

Most financial advisors are taking a wait-and-see attitude

In addition, according to previous reports, although the Bitcoin spot ETF has attracted nearly $15.11 billion in inflows since its listing, CNBC reported that although some advisors are Consider recommending it in the future, but cryptocurrency products still have low acceptance among financial advisors

Many financial advisors are taking a wait-and-see attitude towards Bitcoin spot ETFs, with the main factors affecting its adoption being "market time" and " Regulatory Compliance". In addition, some large financial institutions such as Vanguard (the world’s second-largest asset management giant) have not expressed trust in Bitcoin ETFs, which has also affected the adoption rate among advisors.

Bitcoin is in the process of slow adoption

While many investment advisors are cautious about Bitcoin spot ETFs, most financial advisors are also staying on the sidelines. However, Coinbase Chief Financial Officer Alesia Haas said: "Bitcoin is in the process of slow adoption," and this view was also mentioned many times during this conference.

Blue Macellari, head of digital asset strategy at T. Rowe Price, pointed out that some investors believe that 1% allocation is a safe and comfortable ratio, but he also admitted that the adopted attitude needs to be cautious: Bitcoin in the investment portfolio The allocation is a binary event, either more than 1% or 0%

In addition, Macellari also said that Bitcoin is a paradigm shift that investors need to gradually adapt to: There is a psychological component to this, and people need to try water and gradually adapt to it.

Paradigm shift is used to describe a change in basic theories and fundamental assumptions in the scientific category. This change was later applied to dramatic changes in various other disciplines.

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