Coinspeaker
Goldman Sachs’s Clients Still Skeptical on Bitcoin Despite Heightened Trading Volume on Spot BTC ETFs
Bitcoin (BTC) price has been attempting to regain the crucial support level above $67,000 in the past 24 hours despite the increased selling pressure. On Tuesday, ARK 21Shares Bitcoin ETF (ARKB) recorded an outflow of $88 million, higher than Grayscale’s GBTC which posted $82 million. The United States government also deposited more than 30k Bitcoins, seized from the Silk Road marketplace, to Coinbase Global Inc. (NASDAQ: COIN).
As Coinspeaker recently reported, the institutional interest in the cryptocurrency space remains high amid the upcoming Bitcoin halving in less than three weeks. Furthermore, the level of leveraged short positions in CME Bitcoin futures has climbed to a record high of 19,917 contracts as of March 19, according to the CFTC. Additionally, the total open interest on CME Bitcoin futures amounts to over 33,196 contracts, which is approximately $10.5 billion.
Goldman Sachs’ Clients Stuck in Traditional Asset Classes
According to a report by the WSJ, the Chief Investment Officer at the Wealth Management Unit of Goldman Sachs Group Inc (NYSE: GS), Sharmin Mossavar-Rahmani, noted that their clients are not currently interested in Bitcoin. Despite the notable increase in Bitcoin price following the historical approval of several spot BTC ETFs by the United States Securities and Exchange Commission (SEC), Sharmin noted that the bank’s clients have not voiced interest in crypto assets:
“We do not think it is an investment asset class. We’re not believers in crypto…If you cannot assign a value, then how can you be bullish or bearish?”
Sharmin further criticized the cryptocurrency industry for being hypocritical on democratization of finance whereas a few individuals make the decision for the majority. As a result, Goldman Sachs’ clients will continue to watch from the sidelines despite the already confirmed crypto bull market.
Currently, Goldman Sachs’ clients are invested in traditional asset classes such as the Goldman Sachs Physical Gold ETF (Cboe BZX: AAAU) which has net assets of $649 million as of April 2, 2024. Remarkably, Gold price has continued to outshine Bitcoin after surging to a fresh all-time high (ATH) above $2,278 in the past few days.
Market Check and Midterm Price Outlook
In the four-hour time frame chart, Bitcoin price against the US dollar has been forming a bullish pennant that is often followed by a huge uproar. However, Bitcoin price needs to reclaim the support level above $70,000 in the near term in order to continue in a bullish momentum.
$BTC Bulls are defending the 4h EMA200 (65.6k) & Bullish pennant also in Play. 📈
Bitcoin Bulls need to Reclaim the 70k Crucial Resistance to Regain the Bullish Momentum. #Crypto #Bitcoin #BTC pic.twitter.com/K20FzyO15X
— Captain Faibik (@CryptoFaibik) April 3, 2024
Otherwise, Bitcoin price could drop as low as $60k in the coming weeks as the bulls attempt to regain control.
