Wall Street giant Goldman Sachs has seen a surge in interest in cryptocurrency-related products from its hedge fund clients, its Asia-Pacific head said in an interview with Bloomberg.
“Many of our largest clients are active or considering becoming active,” Max Minton, head of digital assets for Asia Pacific at Goldman Sachs, said Bloomberg, adding that the recent US approval of spot Bitcoin exchange-traded funds (ETFs) has triggered such investment interest.
Minton added that much of the customer focus is still on bitcoin-related products, but that could change if ether spot ETFs are approved in the United States.
At the same time, Goldman Sachs was also Considers Investing in Crypto Bankruptcy Claimssaid Mathew McDermott, its global head of digital assets, at the Digital Asset Summit in London last week.
McDermott added that Goldman Sachs launched its crypto desk in 2021 and while last year was difficult, this year has been a sea change in terms of supply, volumes and price action.
Over the past week, the ten spot bitcoin ETFs in the United States recorded total outflows of $888 millionled by a record day of Grayscale GBTC outflows on March 18, BitMEX Research data watch. The cumulative volume of spot bitcoin ETFs increased by approximately $22 billion over the past week to a total of $164 billion as of March 22, according to The Block’s. data dashboard.
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