In a conversation with The Bitcoin Economy podcast, Bloomberg Intelligence ETF analyst James Seyffart argued that the next, and potentially largest, leg of institutional demand for spot-Bitcoin exchange-traded funds will not come from pension funds, endowments, or sovereign wealth managers. Instead, it will arise when the country’s fragmented network of registered investment advisers (RIAs) finally gains full discretionary clearance to recommend Bitcoin ETFs to ordinary clients. “The biggest bull case for the ETFs has been the unlocking of RIAs in 2025,” Seyffart said. “Right now the vast majority of the assets are stuck in that middle ground where, if a client specifically asks to buy a Bitcoin ETF, the adviser can act—but the adviser cannot initiate the recommendation
source: https://www.newsbtc.com/bitcoin-news/2025-biggest-bitcoin-bull-trigger-still-hidden/