Goldman Sachs Sees Resurgence in Interest from Hedge Fund Clients
Wall Street giant Goldman Sachs has witnessed a renewed interest in cryptocurrency-related products from its hedge fund clients, according to Max Minton, the Asia Pacific head of digital assets at Goldman Sachs. In an interview with Bloomberg, Minton revealed that many of their largest clients are actively exploring opportunities in the crypto space. This surge in interest has been triggered by the recent approval of spot bitcoin exchange-traded funds (ETFs) in the United States.
Focus on Bitcoin, but Ether ETFs Could Change the Game
Minton stated that while most of the clients’ attention is currently focused on bitcoin-related products, this might change if spot ether ETFs receive approval in the US. The potential introduction of ether ETFs could open up new investment avenues and diversify the clients’ crypto portfolios.
Goldman Sachs Explores Crypto Bankruptcy Claims
In addition to its interest in cryptocurrency investments, Goldman Sachs has also been exploring opportunities in crypto bankruptcy claims. Mathew McDermott, the global head of digital assets at Goldman Sachs, disclosed this information during the Digital Asset Summit in London. He highlighted that Goldman Sachs launched its crypto desk in 2021 and has experienced significant changes in terms of supply, trading volumes, and price action this year.
Bitcoin ETFs Experience Outflows, Spot Volumes Increase
Last week, there was a notable outflow of funds from ten spot bitcoin ETFs in the US. Grayscale’s GBTC saw record-breaking outflows on March 18, leading to total outflows of $888 million across all bitcoin ETFs. However, despite these outflows, the cumulative volume of spot bitcoin ETFs increased by approximately $22 billion over the past week, reaching a total of $164 billion as of March 22.
Hot Take: Goldman Sachs Sees Growing Interest in Crypto
Goldman Sachs, one of the prominent players on Wall Street, has observed a surge in interest from its hedge fund clients regarding cryptocurrency investments. The recent approval of spot bitcoin ETFs in the US has triggered this renewed interest. While bitcoin-related products currently dominate the clients’ attention, the potential approval of ether ETFs could lead to a shift in focus. Additionally, Goldman Sachs is exploring opportunities in crypto bankruptcy claims. Despite outflows from bitcoin ETFs, the overall trading volumes for spot bitcoin have experienced significant growth.
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