Bitcoin Twitter (or Bitcoin X) has a moment after a 13F dossier from Goldman Sachs (GS) disclosed higher issues in a handful of funds (ETF) Bitcoin exchange exchangers (ETF), but the facts are lower than the eye.
First and foremost, the property of the ETFs is not exactly a bet by the Goldman negotiation soil on the price of Bitcoin (BTC). The challenges are almost certainly held by the bank’s asset management branch, Goldman Sachs Asset Management, for its customers.
Second, while the deposit – which is an instantaneous property on December 31, 2024 – shows a participation of $ 288 million in the Fidelity Bitcoin Etf (FBTC) and a participation of $ 1.3 billion in Bitcoin Etf de Blackrock (IBIT), it also shows that put options of option with a nominal value of more than $ 600 million (as well as a small appeal option).
An option of sale gives the holder the right, but not the obligation, to sell this asset at a predetermined price. It can be considered as protection against the drop in prices, representing a lower position.
“This position of Goldman Sachs, similar to many other banks and Hedge Funds, is not a clear long position,” said James Straten, Coindesk’s main analyst. “This is a strategy that reflects base trade, also known as cash and transport trade, to balance the profits and potential risks for Bitcoin prices fluctuations. ETFs recently had approved options, so it’s most likely the directional coverage. “
With the deadline for disclosure of the fourth quarter 13F approaches rapidly, similar deposits – as well as deceptive titles – are surely on the way to JPMorgan, Morgan Stanley and other major wealth management operations.
