United

Jane

<p>Wealth managers have long kept digital assets on the sidelines of their portfolios. The trend could reverse. After a Bitwise presentation to about 400 professionals, 60% of participants say they plan an allocation within the next twelve months. Yet, 67% still have none. Between curiosity, internal constraints, and more familiar investment vehicles, crypto is gaining ground without having won the game yet. XRP, however, already attracts questions.</p>
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  <h2 class="in-brief--title" id="in-brief">In brief</h2>
  <ul>
   <li>Among the 400 managers surveyed after a Bitwise presentation, 60% plan an allocation within the year, while 67% still have no exposure.</li>
   <li>XRP sparked the most questions during the presentation; its U.S. ETFs accumulated $1.68 billion in inflows since November 2025.</li>
   <li>The Nickel study reveals that 84% of institutional respondents see ETPs normalizing digital assets, despite regulatory, operational, and liquidity obstacles.</li>
   <li>Henley &amp; Partners counts 135,694 crypto millionaires worldwide, including 92,272 Bitcoin millionaires, out of 742 million holders.</li>
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<h2 id="h-67-are-still-sitting-out-yet-60-are-ready-to-jump-in">67% are still sitting out — yet 60% are ready to jump in</h2>
<p>Ryan Rasmussen, director of research at Bitwise, published three results that summarize the mood quite well. Among the managers surveyed, 67% still allocate nothing to crypto. In the same group, 60% think prices will end the year higher, and just as many plan to invest within twelve months.</p>
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<p>This <a href="https://www.linkedin.com/feed/update/urn:li:activity:7503175570013175808/" rel="noopener noreferrer nofollow">survey</a> deserves its proper place: it relates to participants at a Bitwise presentation, not a representative sample of the entire profession. The intention is not equivalent to a purchase order either.</p>
<p>One detail still gives an idea of the topics circulating in the rooms. XRP sparked <a href="https://finchannel.com/survey-finds-87-believe-etf-growth-will-boost-demand-for-crypto-active-managers-and-hedge-funds/134782/american-business-trends/markets/2026/09/" rel="noopener noreferrer nofollow">more questions</a> than the other assets presented, according to Rasmussen. Its U.S. spot ETFs had eleven consecutive sessions of net inflows until September 1, about $170 million. Since November 2025, their cumulative inflows reached $1.68 billion.</p>
<p>Goldman Sachs, Jane Street, and Millennium Management also appear among declared holders. These positions do not reveal why they hold these products, nor whether they really bet on an increase in XRP. For now, curiosity measures better than conviction.</p>
<h2 id="h-crypto-etps-are-opening-doors-but-old-barriers-haven-t-gone-away">Crypto ETPs are opening doors, but old barriers haven’t gone away</h2>
<p>Buying a digital asset directly involves custody, infrastructure, and internal procedure questions. ETPs precisely change this mechanism. For an investment committee used to listed products, the terrain seems much less exotic.</p>
<p>The <a href="https://finchannel.com/survey-finds-87-believe-etf-growth-will-boost-demand-for-crypto-active-managers-and-hedge-funds/134782/american-business-trends/markets/2026/09/" rel="noopener noreferrer nofollow">Nickel Digital study</a>, conducted in July with 203 institutional investors and wealth managers, clearly shows this. 55% say they are very likely to use crypto ETPs for the first time in the next two years. And 84% think their development will bring digital assets into classic allocation models within three years.</p>
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 <p><em>Crypto ETPs are becoming an important bridge between traditional finance and digital assets. By offering familiar, transparent, and operationally simple access, they help investment committees bring digital assets into traditional portfolio discussions.</em></p><cite>Anatoly Crachilov, CEO of Nickel Digital.</cite>
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<p>The door is thus opening without removing the locks. Regulatory uncertainty still hinders 52% of respondents. Market or custody risks worry 44%, while 40% cite liquidity and transaction costs.</p>
<h2 id="h-why-professional-investors-are-choosing-listed-products-over-going-direct">Why professional investors are choosing listed products over going direct</h2>
<p>Another survey, conducted by Coinbase and EY-Parthenon with 351 institutions, provides a clue: 66% already held spot ETFs or crypto ETPs, and 81% preferred access to digital assets via a registered vehicle.</p>
<p>The choice owes less to a sudden passion for acronyms than to their compatibility with existing finance. At Nickel, 28% of respondents cite the ease of obtaining committee or board approval as the primary reason for using these products. Liquidity and transparency come next at 21%, ahead of operational and custody simplicity at 20%.</p>
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<p>Expectations are also evolving. 87% of Nickel respondents think ETP growth will boost demand for active managers and hedge funds. Multi-asset crypto baskets lead the products expected to grow fastest at 45%, just ahead of actively managed ETFs at 43%. Staking-related products receive 39%.</p>
<p>The market is thus approaching traditional management habits: funds, fees, committees, manager selection. Technology changes; allocation meetings, much less so.</p>
<h2 id="h-135-694-crypto-millionaires-are-changing-the-wealth-management-conversation">135,694 crypto millionaires are changing the wealth management conversation</h2>
<p>The profession is not only watching products. It is also tracking a clientele that has already accumulated considerable wealth. Henley &amp; Partners lists 135,694 crypto millionaires in <a href="https://www.henleyglobal.com/newsroom/press-releases/crypto-wealth-report-2026" rel="noopener noreferrer nofollow">its 2026 report</a>. Among them, 92,272 hold at least one million dollars in bitcoin. The report also counts 290 people possessing $100 million or more in digital assets and 23 billionaires.</p>
<p>In total, 742 million people are said to hold digital assets. This wealth has a particularity: it travels more easily than its owner.</p>
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 <p><em>Crypto can be borderless, but the families who own it are not. They continue to live, pay taxes, educate their children, and operate within national legal and regulatory systems.</em></p><cite>Dominic Volek of Henley &amp; Partners.</cite>
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<p>This reality also fuels competition between jurisdictions. Singapore tops Henley’s adoption index for the fourth year. The United Arab Emirates take second place, ahead of Hong Kong and the United States. For managers, allocation now touches not only the product but also taxation, residency, and wealth mobility.</p>
<h3 id="h-key-figures">Key figures</h3>
<ul>
 <li>67% of managers surveyed by Bitwise still have no allocation.</li>
 <li>60% plan an allocation in the next twelve months.</li>
 <li>$1.68 billion cumulative inflows for XRP ETFs since November 2025.</li>
 <li>84% of Nickel respondents anticipate normalization via ETPs within three years.</li>
 <li>135,694 millionaires hold at least one million dollars in digital assets.</li>
</ul>
<p>Traditional finance <a href="https://www.cointribune.com/en/europe-esma-warns-of-growing-links-between-crypto-and-financial-markets/" rel="noopener noreferrer nofollow">is therefore getting closer to crypto</a>, with its regulated vehicles and familiar procedures. However, this proximity does not reassure everyone. The ESMA now monitors bridges between the two markets and potential contagion effects. As borders fade, the investment opportunity grows; so does the risk of a shock circulating from one universe to another.</p>

Wealth Managers Are Getting Ready to Put More Money Into Crypto

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