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Goldman Sachs Reveals $710M Investment in Bitcoin ETFs
Goldman Sachs has significantly ramped up its Bitcoin ETF holdings, adding $300 million in Q3 2024 to reach $718 million, marking a 71% increase in exposure. According to a Nov. 14 SEC filing, the bank's investments include $461 million in BlackRock’s iShares Bitcoin Trust ETF (IBIT), along with stakes in Fidelity, Grayscale, and Invesco Galaxy Bitcoin ETFs. Goldman also holds $22 million in Ether ETFs. This marks a stark shift for the bank, which previously dismissed Bitcoin as unsuitable for investment, likening crypto enthusiasm to 17th-century tulip mania.
Trump Considers Crypto-Friendly Candidate for CFTC Chair Role
President-elect Donald Trump is reportedly considering pro-crypto CFTC commissioner Summer Mersinger to lead the Commodity Futures Trading Commission (CFTC), alongside other candidates like former commissioner Jill Sommers and attorney Josh Sterling, according to Reuters. Mersinger, a critic of the agency’s “regulation through enforcement” approach, is seen as a strong contender due to her advocacy for clearer DeFi rules and ties to Senate leader John Thune. Trump’s victory has sparked optimism in the crypto market, with Coinbase shares surging 20% and renewed hope for the approval of pending crypto ETFs, signaling a potentially favorable regulatory shift for the industry.
Pennsylvania Legislator Proposes Bill to Establish Strategic Bitcoin Reserve
Pennsylvania lawmakers have proposed a bill to create a Strategic Bitcoin Reserve, enabling the state treasury to invest up to 10% of its funds—potentially billions—in Bitcoin. Introduced by Representative Mike Cabell, the legislation aims to hedge against inflation and provide economic stability, mirroring strategies of major firms like BlackRock and Fidelity. If passed, the bill would permit investments from the General Fund, Rainy Day Fund, and State Investment Fund. The proposal builds on broader Republican efforts to embrace Bitcoin, with state-level and national pushes for adoption.
Trading Desk Insights
Bitcoin's been outperforming the stock market, and with a crypto-friendly administration about to run the show in government, it's no shocker. Stock are in a dive and it looks like Bitcoin might catch that cold soon. Just today, Bitcoin busted through 90k but then slipped as the stock market's drag pulled everything down a notch. The ETF scene didn’t do us any favors either, with Bitcoin ETFs bleeding out a hefty $400.7 million, making it the third-worst outflow since they launched in January. Ethereum saw some outflows too, though just a trickle at $3.2 million. These ETF dips are probably due to traders cashing in after Bitcoin’s latest skyward sprint. Despite the constant selling, we keep seeing bids pile up in the order book as investors keep buying the dip. Fed Chief Powell played it cool, saying no rush on rate cuts. Market’s now pegging a December rate cut at just 62%, way down from over 80% pre-Powell.
- “The economy is not sending any signals that we need to be in a hurry to lower rates,”
Meanwhile, XRP’s popping off, nearly hitting a buck in the last day, riding the wave of a shift in U.S. regulations that could really boost stateside tokens that the SEC used to frown on. UNI’s catching some of that glow-up too, jumping 55% in a few days, now sitting pretty at $10.7. Looks like decentralized exchanges are set to boom under this new administration.
In a twist, 18 states are suing the SEC, claiming it’s got too heavy a hand with crypto, stifling the spark out of innovation. They want to shake up how digital assets get regulated. There are rumors online stating that the SEC Chair Gary Gensler might be considering a resignation. Michael Saylor took the opportunity to say that replacing SEC Chair Gary Gensler is "incredibly bullish for digital assets [...] It's very good for the crypto industry. We're going to see a lot more pro-Bitcoin policies.". He also added that he believes the U.S. government should and will build a strategic reserve of bitcoin.
Crypto Charts
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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