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A sharp pullback in the crypto market in recent days has cratered valuations for Bitcoin, Ethereum and other cryptocurrencies; however, advisors’ caution in allocating to crypto has largely insulated them from the volatility. 

Advisors who allocate to crypto largely use ETFs. The crypto crash has prompted a surge in trading volume. (BlackRock’s spot bitcoin ETF, IBIT, for example, saw a record of nearly 300 million shares traded last Thursday, over $10 billion in notional value.)

The market remains bearish on a recovery, despite Bitcoin’s value seemingly stabilizing around $70,000 after dropping to a low of…