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Goldman Sachs has significantly increased its investment in Bitcoin ETFs, reflecting a strong endorsement of cryptocurrency’s future. The financial titan’s latest 13F filing reveals holdings of approximately $710 million in Bitcoin-related ETFs as of September 30, 2024. Notably, investments include $461 million in the IBIT ETF—an 83% surge—alongside notable increases in other Bitcoin ETFs such as FBTC, GBTC, and BITB, with GBTC alone climbing by 116%.
This strategic accumulation aligns with a broader market rally following the U.S. Presidential election, where Bitcoin reached a new peak of $93,477.11. Analysts correlate this surge to Donald Trump’s victory, which has historically favored a bullish crypto market. Bitcoin’s price experienced a slight dip of 4.5% subsequent to reaching its high, yet the market sentiment remains overwhelmingly positive.
Futures predictions further bolster this optimism; Standard Chartered forecasts a potential Bitcoin price of $125,000. CoinCodex also projects a continued rally, with Bitcoin expected to hit $108,031 by mid-December 2024, underscoring sustained confidence in cryptocurrency from major institutional investors.
