Goldman Sachs Asia Pacific clients are reportedly jumping back to crypto this year following the approval of spot Bitcoin Exchange-traded funds.
The news of the ETF approval has renewed their appetite as they turn their attention back to investing in crypto assets.
According to CoinTelegraph, Max Minton, head of digital assets for Goldman Asia Pacific, said that many of his firm’s largest clients had recently renewed their interest in Crypto and are increasingly investing in crypto assets.
Minton explained that the renewed euphoria in investing in Crypto by his firm’s clients stems from the approval of ten new Bitcoin ETFs in the United States in January, which endorsed crypto assets as being a more integral part of traditional markets.
- “The recent ETF approval has triggered a resurgence of interest and activities from our clients,” Minton said
Additionally, Milton said that the bulk of this renewed interest in crypto comes from its existing clients by way of his firm’s options and futures offerings, with hedge funds being the most involved of its clients.
However, Goldman Sachs does not offer any spot crypto products to its clients despite launching its first crypto desk in 2021.
The desk only offers exposure to crypto derivatives including Bitcoin and ether options and futures.
Milton said that Goldman clients were mainly using their derivatives to gain exposure to the volatility of crypto as well as predicting where the crypto assets prices were heading midterm.
So far, Bitcoin related products were the most popular amongst Goldman Sachs clients.
Milton harped on a potential approval of a Spot Ether ETF in the Us to shift the attention of his firm’s clients to Ether, just like Bitcoin.
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What you need know
- Goldman Sachs reported a record $2.8 trillion in assets under management at the end of 2023.
- The recent spot Bitcoin ETF approval gave a lot of credibility to crypto assets renewing faith in investors globally.
