Bitcoin's moment

Bitcoin ETFs were approved this afternoon, and more than one fund could be trading as early as tomorrow, writes Axios' Crystal Kim.

Why it matters: This is crypto's long-awaited legitimization moment.

Context: Let's start with a basic fact. The vast majority of U.S. adults have heard of crypto, but nearly 2 in 3 don't trust the current ways available to invest and trade them, according to a Pew survey from March, Axios' Pete Gannon writes.

• As a result, only 17% of Americans said they'd ever dabbled in a digital asset, according to Pew.

Quick take: A lot of that has to do with how cryptocurrencies are different from traditional assets. Digital wallets are complicated. And centralized crypto exchanges can be scary.

• But ETFs — that's a language that traditional investors can speak.

Meanwhile, in a recent survey conducted by ETF analytics firm VettaFi and Bitwise, a crypto index fund manager, 88% of U.S.-based financial advisers said they'd received a question about crypto from clients last year.

• Only 19% said they were able to buy crypto in client accounts, however.
• ETFs will change that. Of the surveyed advisers interested in purchasing bitcoin, almost 9 in 10 said they were waiting until after a spot ETF is approved.

The big picture: The lofty demand expectations for bitcoin ETFs have nudged the biggest names in traditional fund management into the game, from BlackRock to Fidelity.

• Investing in bitcoin is about to get a whole lot easier.

Yes, but: Don't expect a large initial rush into these ETFs. Wealth managers, by their nature, tend to move slowly and cautiously, Axios' Felix Salmon notes.

Go deeper: The bitcoin ETF saga, from Axios' Crystal Kim and Brady Dale