BlackRock’s ETF and Index Investment Chief Investment Officer Samara Cohen stated at the Coinbase cryptocurrency summit in New York that Bitcoin ETF serves as a bridge between cryptocurrency and traditional finance, especially for investors who may be interested in allocating Bitcoin without having to manage risks in two different ecosystems. She mentioned that before the emergence of ETFs, the existing cryptocurrency market was not sufficient to meet the needs of some investors. Currently, around 80% of Bitcoin ETF purchases may come from “retail investors,” who typically allocate through online brokerage accounts. According to last quarter’s 13-F filings, hedge funds and brokerage firms have also become buyers, but registered investment advisors have been more “cautious.” Financial advisors’ concerns about Bitcoin include cryptocurrency price volatility and its relatively short track record.
