According to CNBC, Samara Cohen, the head of ETF and index investing at BlackRock, spoke at the Coinbase cryptocurrency summit in New York City, stating that currently about 80% of bitcoin spot ETF buyers may be “self-directed individual investors” who typically allocate investments through online brokerage accounts.
Furthermore, Samara Cohen further pointed out that according to the last quarter’s 13-F filings, hedge funds and brokerage firms are also buyers of bitcoin ETFs, but registered investment advisers hold a more “cautious” stance on this.
CNBC recently conducted a survey of these advisers, asking them and their colleagues why they are cautious about these new products. The answers involve various aspects, including the extreme volatility of bitcoin prices, the newness of this asset class, and the lack of long-term historical records. In addition, regulatory compliance and the scams and scandals surrounding cryptocurrencies are also factors that advisers consider.
Samara Cohen stated that investment advisers are entrusted with their clients and their job is to build investment portfolios, conduct risk analysis, and due diligence, and they are now doing this research on bitcoin as an asset, gradually accepting these new products.
Samara Cohen believes that bitcoin ETFs have become an important bridge connecting cryptocurrencies with the traditional financial sector, especially suitable for investors who wish to invest in bitcoin but are unwilling to manage risks between two completely different ecosystems. Before the ETF was launched, existing ways to enter the cryptocurrency market were not ideal for some investors.
