Goldman Sachs Bets $1 Billion Despite 47% Bitcoin Plunge, What’s Behind the Confidence?
Goldman Sachs Bets $1 Billion Despite 47% Bitcoin Plunge, What’s Behind the Confidence?
A leading Wall Street investment bank has been found to hold more than $1 billion in spot Bitcoin ETFs even as Bitcoin’s price has plunged 47%.
According to DL News on February 12 (local time), Goldman Sachs disclosed in its fourth-quarter filing with the U.S. Securities and Exchange Commission (SEC) that it holds approximately $1 billion in Bitcoin (BTC) exposure. However, the bank does not directly own tokens; instead, it has gained indirect exposure through shares of BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin spot ETF.
The market is interpreting this as a signal of the direction of institutional capital. Changpeng Zhao stated, “Cryptocurrency was a field that started before banks entered,” while ETF Institute co-founder Nate Geraci commented, “It shows the direction in which capital is moving.” Goldman Sachs CEO David Solomon is scheduled to speak at the ‘World Liberty Financial’ cryptocurrency forum to be held on February 18 in Mar-a-Lago, Florida.
The disclosure comes as Bitcoin has fallen 47% from its peak last October, with the total cryptocurrency market capitalization shrinking by about $2 trillion. Bitcoin is currently trading at around $67,000. Greg Magadini of Amberdata said, “The rebound near $60,000 does not appear to be a true capitulation phase,” adding, “A new cycle has not begun unless ownership transfers to new capital.”
Meanwhile, more than $6 billion has flowed out of spot Bitcoin ETFs since November. BlackRock’s IBIT recorded over $10 billion in trading volume during the recent sharp downturn, most of which was selling. Analysts say negative economic indicators have dampened investor sentiment.
Goldman Sachs has also allocated funds to alternative cryptocurrency ETFs beyond Bitcoin. According to the report, it holds about $1 billion in spot Ethereum (ETH) ETFs, $152 million in spot XRP (Ripple) ETFs, and $108 million in spot Solana (SOL) ETFs. However, Solana has fallen about 73% from its peak, with major altcoins recording steeper declines than Bitcoin.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses resulting from its use. The content should be interpreted solely for informational purposes.*
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