Goldman Sachs clients appear to be jumping on Bitcoin, Ethereum and other cryptocurrencies again this year. Max Minton, the head of digital assets for Goldman Asia Pacific, says many of his firm’s largest clients have recently entered or are exploring the crypto sector.
All thanks to the Spot Bitcoin ETFs
According to Minton, this interest in Bitcoin and the rest of the industry has everything to do with the arrival of the Spot Bitcoin ETFs in the United States.
“The recent ETF approval has seen a resurgence in interest and activity from our clients,” Minton said.
Minton says that most of its demand comes from existing customers through the options and futures products it has to offer in the crypto space.
Goldman Sachs is not a small player. In total, it manages $2.8 trillion in assets for its clients. It is striking that Goldman Sachs does not have any Spot Bitcoin products in its offering. It only gives its customers the opportunity to trade derivatives.
Focus from Bitcoin to Ethereum?
Minton further indicates that the arrival of a Spot Ethereum ETF may cause its institutional clients to switch from Bitcoin to Ethereum.
Although the chance of a Spot Ethereum ETF in the coming months is not very high according to Bloomberg experts. Eric Balchunas indicates that he and his colleagues only see a 35 percent chance of the Spot Ethereum ETF for May.
Why? Because the SEC has made little or no noise regarding this topic. That was different with the Spot Bitcoin ETFs.
As long as we don’t hear any reports of intensive discussions between the SEC and the applicants, there is little chance of Spot Ethereum ETFs, according to Balchunas.
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Source: https://newsbit.nl/goldman-sachs-institutionele-klanten-storten-zich-weer-op-bitcoin/
