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

New York Judge Orders Terraform Labs to Comply With SEC’s Investigative Subpoenas
New York Judge Orders Terraform Labs to Comply With SEC"s Investigative Subpoenas A recent court filing stemming from the Southern District of New York shows that a U.S. district j
Didar Bekbauov1 hour agoHow Bitcoin miners can survive a hostile market — and the 2024 halvingBitcoin mining is becoming harder — which means miners will have to spend more to receive fewer rewards. But there are sti
Bitget Wallet launches $10M ecosystem fund alongside Onchain Layer
Zhiyuan Sun14 hours agoBitget Wallet launches $10M ecosystem fund alongside Onchain LayerThe ecosystem fund is denominated in Bitget Wallet’s native token, BWB, which is scheduled for debut this quarter.921 Total views
How to Buy Bitcoin in the Philippines
How to Buy Bitcoin in the Philippines The Philippines has many places you can buy bitcoin from. Not only has the Bangko Sentral ng Pilipinas licensed some cryptocurrency exchange
Nigeria’s Binance crackdown threatens Web3 industry
Amaka Nwaokocha10 hours agoNigeria’s Binance crackdown threatens Web3 industryAccording to Uwakwe, the head of Nigeria’s crypto intercommunity working group, investors worry about potential repercussions similar to B
Bitcoin Whale Transfers $2.2 Billion Worth of BTC for Just $7
Bitcoin Whale Transfers $2.2 Billion Worth of BTC for Just $7Whale alert reports that a so-called whale has transferred the equivalent of $2.24 billion in bitcoin for less than $7.
While Global Markets Get Spooked by Covid and a Hawkish Fed, Stocks and Crypto Rebound After Musk Buys Twitter
While Global Markets Get Spooked by Covid and a Hawkish Fed, Stocks and Crypto Rebound After Musk Buys Twitter Wall Street suffered Monday morning as the major U.S. stock indexes d
Arijit Sarkar10 hours agoHSBC and Ant Group test tokenized deposits under HKMA sandboxDuring the test, HSBC was connected to the blockchain platform developed by Ant Group and supported by the company’s banking partner
GAIMIN Delivers a Decentralized Approach to the Increasing Requirement for More Data Processing Power
GAIMIN Delivers a Decentralized Approach to the Increasing Requirement for More Data Processing Power sponsored The world-wide demand for data processing is increasing year-on-year,
Ethereum's future hinges on interoperable layer-2s
Ken Timsit8 hours agoEthereum"s future hinges on interoperable layer-2sEthereum layer-2 fragmentation may require a ZKP fix in the future, but interoperable L2s are the surest fix in the meantime.388 Total views1 Total s
LUNA 2.0 Token Jumps 200% Higher Against the US Dollar in 24 Hours
LUNA 2.0 Token Jumps 200% Higher Against the US Dollar in 24 Hours While digital currencies jumped in value during the early morning trading sessions on Friday (ET), the new Terra
Martin Young5 hours agoFirms managing $27T in assets are embracing crypto: CoinShares CSOThe top eight financial institutions with an interest in Bitcoin and crypto have a whopping $27 trillion in combined assets under m