Goldman Sachs’ clients are reportedly jumping into crypto-related trades following the launch of Bitcoin (BTC) exchange-traded funds (ETFs).
Max Minton, Goldman’s head of digital assets in Asia, tells Bloomberg that the banking giant’s customers invest in crypto derivatives for multiple purposes.
“The recent ETF approval has led to a resurgence in interest and activity from our clients. Many of our largest customers are active or want to become active in the space…
Last year was a quieter year, but since the start of the year we have seen increasing customer interest in onboarding, pipeline and volume.”
After years of rejecting applications, the U.S. Securities and Exchange Commission (SEC) approved the first 11 Bitcoin-listed funds in January.
Goldman’s clients are typically focused on Bitcoin (BTC), but Minton notes that they could also show more interest in Ethereum (ETH) if the SEC greenlights an ETF for the second-largest crypto asset. Decisions on some applications could be made in May.
Matthew McDermott, Goldman’s global head of digital assets, noted in an interview with Reuters last week that retail traders have been driving the current crypto bull market so far.
Goldman first launched a crypto trading team in 2021, which McDermott says they continue to improve.
“Last year was tough, but this year we have seen a big change, not only in terms of the type of customers, but also in terms of volumes.”
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