US investment bank Goldman Sachs has significantly increased its share of crypto assets, according to recent regulatory filings. While the bank has a total crypto asset portfolio of approximately $2.36 billion, more than half of it is Bitcoin ETFs. In recent statements, the $1.1 billion position in the iShares Bitcoin Trust ETF managed by BlackRock attracted attention.
Bitcoin ETFs and Other Crypto Positions
Goldman Sachs’ portfolio does not only include Bitcoin ETFs managed by BlackRock. In the notifications, approximately 35.8 million dollars worth of shares in Fidelity’s Wise Origin Bitcoin Fund and 92 thousand dollars worth of shares in the fund called American Bitcoin were noted. It was also stated that the bank had an investment of around 57 thousand dollars in Bitcoin Depot and various crypto mining companies.
Transformation in Goldman Sachs’ Approach to Crypto
Goldman Sachs, which has been known to be distant from cryptocurrencies for many years, has changed its approach in recent years. In particular, the bank, which implemented the first Bitcoin secured loan transaction and non-delivery Bitcoin option trading in 2022, started to pay closer attention to the digital asset market. While reservations about Bitcoin “not being an investable asset class” came to the fore in high-level statements made in previous years, it has been observed in recent SEC applications that the bank’s position in Bitcoin ETFs has grown.
According to reports published since the beginning of 2024, Goldman Sachs tripled its share in Bitcoin ETFs in a short time. The bank shows that it is among the leading players in the corporate sense, with its Bitcoin ETF investment currently approaching 1.5 billion dollars. It was also stated in the statements that the bank also included different digital assets such as Ethereum, XRP and Solana in its portfolio.
Latest Developments in Bitcoin Price
This move by Goldman Sachs coincided with the completed movements in the price of Bitcoin. Bitcoin has been having difficulty holding above the psychological level of $70,000 for a while. The sales wave seen last week brought the price first below 70 thousand dollars, then below 60 thousand dollars, and the search for support ended at 60 thousand dollars. Although the price climbed to around 71 thousand 700 dollars again with the purchases at this level, it closed the week close to 70 thousand 315 dollars.
Although the price has recovered, the market trend remains cautious. Analysts state that Bitcoin is having difficulty finding direction after the pressure that accelerated the decline. The first resistance point that stands out now is $ 71 thousand 800; Above this level, there are stronger obstacles at $74,500 and $79,000 and $84,000 respectively.
On the downside, it is important to maintain the levels of 65 thousand 650 and 63 thousand dollars for the return of buyers. $60,000 is considered critical support, and another important technical level just below it at $57,800 symbolizes the search for a bottom in the market.
