According to CNBC, Samara Cohen, the head of ETF and index investment 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 investors” who typically allocate investments through online brokerage accounts.
Furthermore, Samara Cohen further pointed out that hedge funds and brokerage firms are also buyers of Bitcoin ETFs according to the last quarter’s 13-F filings, but registered investment advisers hold a more “cautious” attitude towards this.
Recently, CNBC conducted a survey on these advisers, asking them and their colleagues why they are cautious about these new products. Answers involve various aspects, including the drastic price volatility of Bitcoin, the fact that this asset class is still too new and has not established a long-term track record, among others. Additionally, regulatory compliance and cryptocurrency fraud and scandals are also factors that advisers consider.
Samara Cohen stated that investment advisers are fiduciaries for 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, which takes time to gradually accept these new products.
Samara Cohen believes that Bitcoin ETFs have become an important bridge connecting the cryptocurrency and traditional financial sectors, especially suitable for investors who want to invest in Bitcoin but are unwilling to manage risk between two completely different ecosystems. Before the ETF launch, existing ways to enter the cryptocurrency market were not ideal for some investors.