Crypto ETFs get first major test after $370 billion market sell-off

Bitcoin and ether are gaining back ground after falling to their lowest level in six months on Monday in the first major test of the recently launched crypto exchange-traded funds.This crypto drop is different from prior sell-offs as more investors are vulnerable due to the newly launched spot crypto ETFs.are gaining back ground after falling to their lowest level in six months on Monday in the first major test of the recently launched crypto exchange-traded funds.

"We expect more wirehouse approvals into Q3 and Q4, thus providing further on-ramps for asset allocation to Bitcoin," they wrote.will allow its army of 15,000 financial advisors to pitch spot bitcoin ETFs issued by BlackRock and Fidelity to clients who meet certain criteria, including having a net worth north of $1.5 million,

"You have a lot of firms that are in a wait-and-see mode," Franklin Templeton CEO Jenny Johnson told CNBC in May."So you haven't even gotten that second wave. This is really the first wave of the early adopters.""I think the next wave is the much bigger institutions, to get more comfortable with how it's settled out," Johnson said.

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