- Increased hedge fund client activity in cryptocurrency options trading during the year.
- Goldman Sachs offers cash-settled options and BTC and ETH futures listed on CME, expanding its reach.
There is new enthusiasm in Goldman Sachs’ Asia-Pacific sector, under the leadership of Max Minton, with this being a sign of a possibility that the U.S. will approve an Ether exchange-traded fund (ETF), shortly.
“Last year was quieter, but since the beginning of the year we have seen an increase in client interest in incorporation, pipeline and volume.”
Minton has highlighted a growth in participation and interest in the crypto sector from Goldman Sachs’ top clients. This has been largely driven by the approval of Bitcoin ETFs earlier this year, motivating several clients to reconsider or explore investments in other cryptocurrencies through options and futures offered by Goldman, with hedge funds being the most active in this sector.
“The recent ETF approval has led to a resurgence of interest and activity from our clients. Many of our top clients are already active or exploring opportunities to participate in the sector,” Minton said in an interview with Bloomberg.
Despitethis, Bloomberg analysts’ projections indicate that the ETF’s chances of approval are limited due to the lack of prolonged communication from the U.S. Securities and Exchange Commission, as we have mentioned in ETHNews.
While Goldman Sachs does not currently offer spot cryptocurrency ETFs, it does provide access to crypto derivatives, including Bitcoin and Ether options and futures. But client interest, particularly toward Bitcoin, is interpreted as a sign of confidence in its medium-term appreciation potential.
Related: Senators urge Gensler not to approve cryptocurrency ETFs
The uncertainty surrounding the approval of new ETFs has not stopped Goldman Sachs from looking to broaden its client base to include everything from mutual funds to banks and companies specializing in digital assets, as XRP, Ethereum and more may..
