Bitcoin Twitter (or Bitcoin X) is having a moment after a 13F presentation from Goldman Sachs (GS) revealed higher bets in a handful of funds quoted in the stock market (ETF) by Bitcoin Spot, but the facts are lower than what Look in view.
First, the property of ETFS is not exactly a bet of the Goldman trade floor for the price of Bitcoin (BTC). The bets are almost safe by the bank’s asset management arm, Goldman Sachs Asset Management, for its clientele.
Secondly, while the presentation, which is an snapshot of the property as of December 31, 2024, shows a $ 288 million participation in the Fidelity Bitcoin ETF (FBTC) and a participation of $ 1.3 billion in the ETF ( Ibit) from Blackrock (Ibit), it also shows option positions with a nominal value of more than $ 600 million (together with a small purchase option position).
A sales option gives the holder the right, but not the obligation, to sell that asset at a default price. It can be seen as protection against price drop, which represents a bearish position.
“This position of Goldman Sachs, similar to many other benches and coverage funds, is not a long net position,” said Coindesk senior analyst James Van Straten. “This is a strategy that reflects base trade, also known as cash trade and transport transport, balancing possible profits and risks for Bitcoin price fluctuations. The ETFs recently had options approved in them, so this this It is very likely that it is directional coverage. “
With the deadline for 13F revelations of the fourth quarter that are quickly approaching, similar presentations, along with deceitful headlines, are surely on their way to JPMorgan, Morgan Stanley and other great wealth management operations.
