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Home»EXCHANGE NEWS»Due Diligence Slows Spot Bitcoin ETF Adoption
EXCHANGE NEWS

Due Diligence Slows Spot Bitcoin ETF Adoption

By Crypto FlexsFebruary 5, 20243 Mins Read
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Due Diligence Slows Spot Bitcoin ETF Adoption
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On January 10, 2024, the US SEC approved the Bitcoin ETF application, encouraging optimism among cryptocurrency enthusiasts. Valuations temporarily rose, but have now calmed down. Bitcoin ETFs have paved the way for more cryptocurrency ETF applications to surface in the future, but the pace of adoption has slowed considerably.

Several financial institutions adhere to due diligence before listing their products on the platform. This means institutions are looking at the risks, facts, and opportunities of Bitcoin ETFs. None of the companies have refused to list their products, but have said they will only list them and make them available to customers after conducting due diligence.

For example, LPL Financial Holdings is known to have completed due diligence over the next three months. One of the key factors LPL evaluates is the likelihood of closure if it fails to accumulate significant assets. Rob Pettman said he’s basically trying to see how this works.

The Vice President of Wealth Management Solutions at LPL Financial Holdings added that listing the wrong product can be a negative experience for customers. This is especially true if you are a financial advisor whose core job is to help your firm promote such products. Rob also said it’s important to list and promote all of your products. extremely expensive For them.

LPL Financial, which manages $1.4 trillion in assets, plans to complete its investigation into a Bitcoin exchange-traded fund (ETF) within three months.

A number of cryptocurrency-related products are scheduled to close in 2023, including but not limited to the VanEck Digital Assets Mining ETF, also known as Volt Crypto Industry and DAM. According to the report, 253 ETFs closed in the previous year, with an average asset value estimated at $34 million.

It is not yet known what impact these developments will have on the BTC price. The cryptocurrency rose 0.32% to finally surpass the $43,000 milestone, trading at $43,084.83 at the time of writing. Market capitalization and 24-hour trading volume also increased by 0.32% and 21.87%, respectively.

As of January 31, 2024, the committee-approved Bitcoin ETF holds 656,421 BTC tokens, worth approximately $27 billion. One of the many factors affecting their performance is the outflow of GBTC, the Grayscale Bitcoin Trust. After converting to a listed ETF, 132,195 tokens were exhausted.

Until the Bitcoin spot ETF receives due diligence, the market is likely to slow down. There is no timeline or date by which we expect the ETF to truly pick up speed. Until then, BTC is on its way to recovery to surpass the popular landmark of $100,000. Forecasts estimate that Bitcoin will do so by the end of 2025 or up to 2026.

Looking forward to hearing from advisors like LPL Financial Holdings.

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