Bitcoin exchange traded funds (ETFs) are still slowly being adopted by financial advisors despite making their debut in January, according to BlackRock's Samara Cohen. 

CNBC reported that the executive noted that 80% of bitcoin ETF purchases have possibly been coming from self-directed investors, often using online brokerage accounts.

Cautious Approach of Financial Advisors Toward Bitcoin ETFs

Speaking at the Coinbase State of Crypto Summit in New York on Thursday, Cohen discussed the cautious approach of financial advisors towards these new financial products.

The iShares Bitcoin Trust (IBIT) is one of the ETFs introduced this year. Recent 13-F filings indicate that hedge funds and brokerages have shown interest, but registered investment advisors remain hesitant. 

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Why Advisors Are Still Wary of Bitcoin

A recent CNBC poll of advisors revealed their concerns, citing bitcoin's price volatility, its brief track record, and worries over regulatory compliance and fraud as reasons for their caution.

Cohen emphasized that advisors act responsibly by carefully evaluating the risks associated with bitcoin. She also believed that bitcoin ETFs can bridge the gap between crypto and traditional finance, offering a streamlined way for investors to allocate to bitcoin without the complexities of separate systems. 

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