Fun

Demand for Crypto Soars: Bitcoin Funds Break Records, Goldman Sachs Wants In

News Feed - 2021-01-18 09:01:10

Demand for Crypto Soars: Bitcoin Funds Break Records, Goldman Sachs Wants In


Investors are increasingly seeking exposure to bitcoin following the recent months-long price rally. Bitcoin exchange-traded products are seeing record trading volumes. Meanwhile, more big banks are reportedly trying to get into the crypto space, including Goldman Sachs. High Demand for Bitcoin and Crypto Products


With the price of bitcoin rapidly rising over recent months, more investors are seeking exposure to the cryptocurrency. The price of bitcoin rose about 24% since the beginning of the year and over 90% since the beginning of December.


One bitcoin exchange-traded product in particular, BTCE, has recorded an average daily trading volume of $69 million in the first 11 days of January, the Financial Times reported Friday, citing data from Deutsche Börse where it is trading. This week, Switzerland’s principal stock exchange revealed that its crypto trading volume hit a record high of $1.2 billion in 2020. The exchange now lists 34 crypto exchange-traded products.


Grayscale Investments’ Bitcoin Trust posted an average daily turnover of almost $1 billion in the first two weeks of this year, which is more than nine times the average in 2020, the publication added. The bitcoin trust’s assets under management grew from $1.8 billion to $17.5 billion during the year.


Meanwhile, Canadian asset manager 3iq says its bitcoin fund has reached a milestone, exceeding one billion Canadian dollars ($785 million) in assets under management. Besides the bitcoin fund, the company offers the ether fund and a global crypto-asset fund. Chart of 3iq’s bitcoin fund. Source: 3iq Big Banks Want In, Including Goldman Sachs


As bitcoin continues to outperform other assets, more major companies are seeking to get into the crypto space. Goldman Sachs’ global head of commodities research, Jeff Currie, said last week that the bitcoin market “is beginning to become more mature” after he called BTC “a retail inflation hedge.” The investment bank is now rumored to be have issued a request for information (RFI) to explore providing digital asset custody service.


The RFI was reportedly sent to a prominent company in the crypto custody niche at the end of last year. An unnamed Goldman Sachs source indicated that the firm is talking to several companies with a focus on custody service.



Recently, the U.S. Office of the Comptroller of the Currency (OCC) granted Anchorage conditional approval to become a national digital bank. Anchorage co-founder Diogo Mónica told CNBC last week that the regulatory approval will attract many large institutional players to begin offering their own crypto services, including custody.


Other banks and financial services giants that have recently entered the crypto space include Spain’s second-largest bank BBVA, Standard Chartered Bank, Southeast Asia’s largest bank DBS, and Italian insurance giant Generali. Some of them offer only crypto custody services while others also offer bitcoin trading services.


What do you think about the rising demand for crypto? Let us know in the comments section below. Swiss Stock Exchange"s Crypto Trading Volume Soars — Hits Record $1.2 Billion MARKETS AND PRICES | 1 day ago Oaktree Capital Chairman Warms up to Crypto — Thankful His Son Owns Enough Bitcoin for the Family MARKETS AND PRICES | 3 days ago Tags in this story bitcoin fund, bitcoin records, crypto records, demand for bitcoin, demand for crypto, ETF, ETP, Goldman Sachs, grayscale, jpmorgan, record high


Image Credits: Shutterstock, Pixabay, Wiki Commons Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Bitcoin traders expect Fed Chair Powell to ‘pump our bags’ and BTC to target $80K+
Nancy Lubale2 hours agoBitcoin traders expect Fed Chair Powell to ‘pump our bags’ and BTC to target $80K+Historical Bitcoin performance data and investors" expectation that the Fed will “pump our bags” have trade
US Senate passes resolution overturning SEC crypto rule on banks
Turner Wright6 hours agoUS Senate passes resolution overturning SEC crypto rule on banksU.S. President Joe Biden said he intended to veto the joint resolution aimed at overturning an SEC rule requiring banks to keep cust
ZkSync hit with claims of ‘almost no Sybil filtering’ in slated token airdrop
Jesse Coghlan1 hour agoZkSync hit with claims of ‘almost no Sybil filtering’ in slated token airdropMudit Gupta from zkSync rival Polygon said the ZK token airdrop could be the most “farmed airdrop ever,” claimin
Binance Developing Crypto Exchange in Indonesia
Binance Developing Crypto Exchange in Indonesia Binance has formed a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm. Binance aims
Brayden Lindrea6 hours agoUS Space Force pauses use of ChatGPT-like tools due to security fears: ReportAt least 500 Space Force staff members have been affected, according to the department’s former chief software off
New Crypto to Invest In as TradFi Investments Soar, Opening the Way for Another Bull Run
Este artículo también está disponible en español. Coinbase CEO Brian Armstrong recently suggested that the ‘floodgates are opening’ for TradFi firms to find the best
FBI Renews Warning About Pig Butchering Crypto Scam Sweeping the Country
FBI Renews Warning About Pig Butchering Crypto Scam Sweeping the Country The Federal Bureau of Investigation (FBI) has reiterated its warning about a very popular crypto investment
XRP Price Chart Flashes Inverse Head And Shoulders Pattern That Could Trigger Rally To $3.9
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Derek Andersen5 hours agoTornado Cash co-founders charged with money laundering, sanctions violationsRoman Semenov was placed on OFAC’s sanctioned persons list, and Roman Storm was arrested as the United States continu
Call Of Duty: Modern Warfare Beta Is Out and Gamers are Ranting About a Ton of Problems
Gamers are losing their minds over technical glitches associated with the new Call of Duty beta. | Image: ShutterstockActivision finally dropped the highly-anticipated Call of Duty:
MoU Established by Clesson, the Company Behind LABEL Foundation, With CJ Entertainment and Media
MoU Established by Clesson, the Company Behind LABEL Foundation, With CJ Entertainment and Media press release PRESS RELEASE.Clesson, the operating company behind OPENTRACK and LABE
Hive Blockchain Buys 6,400 Bitcoin Miners From Canaan, Capacity Reaches 1,229 PH/s
Hive Blockchain Buys 6,400 Bitcoin Miners From Canaan, Capacity Reaches 1,229 PH/s Canadian bitcoin miner Hive Blockchain has bought 6,400 next generation mining