New Bitcoin ETFs Are Raking in Cash But Not From Financial Advisors. Here’s Why.

The new crop of exchange-traded funds offering direct exposure to Bitcoin may have accumulated billions in new assets in the two months since they hit the market, but experts say that’s not because advisors have suddenly jumped on the crypto bandwagon.

Most advisors aren’t permitted to talk to clients about the so-called spot Bitcoin funds, of which there are now 11, unless they ask, according to Matt Apkarian, an associate director with Cerulli & Associates. That’s because many—perhaps most—large wealth management firms have…