Goldman Sachs: Don’t Expect Immediate BTC Spike After Spot Bitcoin ETF Approvals
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Global investment bank Goldman Sachs does not anticipate an immediate surge in BTC prices following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), Mathew McDermott, head of the digital asset unit at Goldman Sachs, told Reuters this week. While emphasizing that he does not expect the approval of the ETF to trigger a “sudden immediate spike in liquidity and price,”. Goldman Sachs offers cryptocurrency derivatives trading for institutional clients within the bank’s FX desk, McDermott explained, adding that the team does not trade the underlying asset itself. According to McDermott, the investment bank has also observed growing client interest in crypto derivatives trading, driven by market expectations for the imminent approval of spot bitcoin ETF applications by the SEC. He highlighted a “huge appetite” for digital assets, emphasizing that it has “grown significantly” in the last 12 months. Moreover, he noted that leveraging blockchain technology could enhance operational and settlement efficiencies, as well as contribute to the “de-risking” of financial markets.