NewsletterGoldman Sachs Finds A 40% Increase In Institutional Exposure To Crypto
Institutions are not getting left behind by the crypto bandwagon. A survey by Goldman Sach reveals that the number of institutional investors with exposure to the crypto market has increased markedly.
Institutional investors want more crypto exposure
As reported by Arcane Research, 51% of the 172 institutional clients Goldman Sachs surveyed had crypto exposure. This is an increase from 40% of exposed institutions the last time the survey was carried out.
The survey further found that 60% of the institutions had plans to increase their crypto holdings in the next one to two years.
It would appear that Goldman Sachs is determined to service this growing interest as well. The global investment bank has been bolstering its crypto services since last year. Goldman Sachs recently announced a first-of-its-kind breakthrough in the banking world. The bank executed its first over-the-counter (OTC) crypto transaction with the crypto merchant bank Galaxy Digital.
Similarly, Goldman Sachs’ website currently features cryptocurrencies prominently, offering links to learning about all things crypto and the metaverse right on its landing page. The bank also has a highly successful crypto trading desk that allows investors to trade Bitcoin and Ether futures and options.
Significantly, other market indicators support Goldman Sachs’ finding of growing crypto appetite among institutional investors. Crypto exchange-traded funds, like the Purpose Bitcoin ETF and also ProShares Bitcoin Strategy ETF, have continued to reach new all-time highs in assets under management (AuM).
Big players are still a force in the crypto market
Recent on-chain activity across different blockchains including Bitcoin, Ethereum, and Cardano has continued to support arguments that institutional players are betting big in crypto. Per data from Santiment, Bitcoin saw a spike in the number of wallets holding 1000 to 10,000 BTC throughout the month of March.
🐳 The amount of #Bitcoin addresses holding 1k to 10k $BTC has jumped by 8.3% since the #Russia–#Ukraine #war was made official. The 2,203 addresses is at a 1-yr high. Both this tier & the 100 to 1k $BTC tier have historically foreshadowed price moves. https://t.co/qhgR8p9atH pic.twitter.com/pZTgIhXLHl
— Santiment (@santimentfeed) March 25, 2022
One major player was the LUNA Foundation Guard (LFG) which purchased over $1.2 billion worth of Bitcoin and plans to hold up to $10 billion worth of Bitcoin. Similarly, MicroStrategy also announced that it had secured a $200 million loan to buy Bitcoin.
The growing adoption has contributed to the latest crypto market surge. The global crypto market cap has reached $2.07 trillion.
The market cap of Bitcoin, the pioneer cryptocurrency, stands at $855 billion as the asset surged 10.9% in the last two weeks to now be trading at around $44,488.
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