The success of Bitcoin ETFs: Goldman Sachs amazed
If you have been following the developments in the crypto world, you would be excited to hear that Goldman Sachs is now celebrating the success of Bitcoin ETFs, a shift that reflects changing sentiments towards cryptocurrencies on Wall Street.
Goldman Sachs embraces Bitcoin ETFs
- Goldman Sachs has taken a more positive stance on Bitcoin, acknowledging the surprising success of the new spot Bitcoin ETFs after years of skepticism.
- During the Consensus 2024 conference organized by CoinDesk, Mathew McDermott, the global head of digital assets at Goldman Sachs, shared important insights.
- He highlighted that the approval of spot ETFs on Bitcoin by the SEC earlier in the year marked a significant turning point for the industry.
- The bank, once dismissive of a Bitcoin ETF, is now actively involved as an authorized participant for the BlackRock bitcoin ETF IBIT, which has become the largest in the world with over $20 billion in assets.
Record inflow into Bitcoin ETFs: BlackRock and Fidelity leading
- On May 28, Bitcoin ETFs saw a net inflow of $45 million, registering continuous growth for eleven consecutive days.
- While ETF products observed an inflow of 632 BTC, the Grayscale Bitcoin Trust ETF (GBTC) experienced a noticeable outflow of $105.2 million.
- Leading the inflow were BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Fund (FBTC), with $102.5 million and $34.3 million inflows respectively.
- Despite GBTC recording significant outflows, BlackRock’s IBIT has surpassed it in terms of BTC holdings, marking a shift in market dynamics.
Hot Take: The Future of Bitcoin ETFs
The head of digital assets at Goldman Sachs recently expressed amazement at the success of Bitcoin ETFs, highlighting a significant shift after years of doubt regarding the cryptocurrency from the Wall Street giant.
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