Bernstein analysts said in a research report that the current size of the crypto fund management industry is approximately US$45-50 billion, and its asset management scale has the ability to exceed US$500 billion in the next five years.
The report stated that demand will come from investment advisors, wealth and private banking products, as well as the ability to easily access Bitcoin ETFs in direct brokerage accounts, and analysts believe that the chances of a spot Bitcoin ETF being approved in early 2024 have greatly increased.
Analysts also believe that rather than concocting another reason for rejection, the SEC will take a middle path and accept an oversight-sharing agreement with Coinbase.
Because the proposals are made by traditional fund managers and the agreements are with regulated exchanges such as Nasdaq.