According to a March 24 Bloomberg report, clients of Goldman Sachs funds have started investing in cryptocurrencies again. A boom in customer activity was recorded after the approval of BTC ETF exchange-traded funds. Interestingly, this phenomenon is also very visible in Asia!
Clients of Goldman Sachs funds are looking towards digital assets again
The approval of applications for the creation of BTC ETFs was a breakthrough moment in the history of cryptocurrencies, and this is not an exaggerated statement. A good confirmation of this theory is the fact that spot BTC ETF funds have become, in a sense, digital gold, for which a fever has just broken out. Although recent weeks have brought record outflows from funds (due to a significant drop in the price above ATH from 2021), interest in bitcoin and altcoins is constantly growing.
According to a March 24 Bloomberg report, clients of Goldman Sachs funds are showing renewed interest in bitcoin, ethereum and other digital assets. The information published in the Bloomberg report was confirmed by Max Minton, head of digital assets at Goldman Sachs in the Asia-Pacific region.
Goldman Sachs' largest fund clients are actually “considering activity” in the cryptocurrency sector. The increased interest in digital assets is expected to result mainly from the approval of ten new BTC ETFs in the United States in January. According to Minton, this confirmed the fact that crypto assets are an integral part of traditional markets.
Will the approval of ETH ETF applications cause another cryptocurrency boom?
Not only the BTC halving is fast approaching, but also the approval of spot ETF funds based on Ethereum. Applications are to be considered by May 23 this year, i.e. shortly after halving. Of course, this deadline does not mean that all (or any) applications will be approved by the US regulator. The chairman of the Securities and Exchange Commission (SEC) did not answer a question about whether ethereum is a security in a recent interview.
He stressed that he would not provide information on such a question when the proposals for the new ETF are already on the table. However, it cannot be denied that the approval of ETH ETFs will result in the inflow of even more capital into the digital asset market. Among them will certainly also be clients of Goldman Sachs funds.
