Goldman Sachs’ Largest Clients Enter Market Post-ETF Approvals

Goldman Sachs’ largest clients are increasing their involvement in the crypto space following spot bitcoin exchange-traded fund (ETF) approvals and BTC price recovery.

Max Minton, the Asia Pacific head of digital assets at Goldman Sachs, stated, “The recent ETF approval has triggered a resurgence of interest and activities from our clients.” This renewed interest spans a variety of activities, including onboarding, pipeline expansion, and increased trading volumes. Notably, Goldman Sachs’ crypto derivatives business is attracting a broader range of clients beyond traditional hedge funds, including asset managers, banks, and select digital asset firms. These clients are utilizing the investment bank’s crypto derivative products for speculative trading, enhancing returns, and hedging against losses.

While bitcoin remains the primary focus for Goldman Sachs’ clients, the bank anticipates growing demand for ether-based products if the U.S. Securities and Exchange Commission (SEC) approves spot ether ETFs. Goldman Sachs, active in tokenizing traditional assets using blockchain technology, also invests strategically in startups developing digital asset market infrastructure. Mathew McDermott, Goldman Sachs’ head of digital assets, echoed this sentiment, noting an increasing number of institutions entering the crypto space and anticipating further tokenization of asset classes in the future.

Clever Robot News Desk 29^th March 2024