高盛因客戶對現貨比特幣 ETF 的需求而重新進入加密貨幣領域

在美國批准現貨比特幣 ETF 後，高盛的客戶正在重新進入加密貨幣市場。高盛亞太區數位資產主管 Max Minton 表示，最近 ETF 的批准激發了人們對加密貨幣的興趣，尤其是對沖基金。高盛的客戶主要使用衍生性商品來獲得加密貨幣波動性並做出中期價格預測，其中比特幣相關產品最受歡迎。

Is Goldman Sachs Back in the Crypto Game?

高盛重返加密貨幣遊戲了嗎？

Goldman Sachs's clients are reportedly jumping back into the crypto market, emboldened by the recent approval of spot Bitcoin ETFs. According to Max Minton, head of digital assets for Goldman Asia Pacific, many of the firm's largest clients have recently become active or are exploring opportunities in the crypto sector.

據報道，受近期比特幣 ETF 現貨批准的鼓舞，高盛的客戶正在重返加密貨幣市場。高盛亞太區數位資產主管 Max Minton 表示，該公司的許多最大客戶最近變得活躍或正在探索加密貨幣領域的機會。

What's Driving the Appetite?

是什麼推動了食慾？

Minton attributes the renewed interest to the approval of ten new Bitcoin ETFs in the United States, which have legitimized crypto assets as a more integral part of traditional markets. "The recent ETF approval has triggered a resurgence of interest and activities from our clients," Minton said.

Minton 將重新燃起的興趣歸因於美國批准了 10 個新的比特幣 ETF，這些基金使加密資產合法化，成為傳統市場更不可或缺的一部分。 「最近 ETF 的批准引發了我們客戶的興趣和活動的復甦，」明頓說。

Who's Getting Involved?

誰參與其中？

The bulk of the fresh demand comes from existing Goldman clients, particularly hedge funds, who are accessing crypto exposure through the firm's options and futures offerings. Goldman Sachs reported a record $2.8 trillion in assets under management at the end of 2023.

大部分新需求來自高盛現有客戶，尤其是對沖基金，他們透過該公司的選擇權和期貨產品獲得加密貨幣風險。高盛報告稱，截至 2023 年底，其管理的資產達到創紀錄的 2.8 兆美元。

Spot Crypto Products on the Horizon?

發現即將出現的加密產品嗎？

Despite launching its first crypto trading desk in 2021, Goldman currently does not offer any spot crypto products to its clients. The desk only provides exposure to crypto derivatives, such as Bitcoin and Ether options and futures. However, Minton hinted at the possibility of expanding into spot crypto products in the future.

儘管高盛於 2021 年推出了首個加密貨幣交易平台，但目前並未向客戶提供任何現貨加密產品。該櫃檯僅提供加密貨幣衍生品的敞口，例如比特幣和以太坊期權和期貨。然而，明頓暗示未來有可能擴展到現貨加密產品。

Crypto as a Volatility Play

加密貨幣作為一種波動性遊戲

Goldman's clients are primarily using their derivatives to gain exposure to the volatility of crypto and make weighted predictions on price movements in the mid-term. Bitcoin-related products remain the most popular investment vehicles among active clients.

高盛的客戶主要利用其衍生性商品來了解加密貨幣的波動性，並對中期價格走勢進行加權預測。比特幣相關產品仍然是活躍客戶中最受歡迎的投資工具。

Ether ETF Approval: A Game-Changer?

以太坊 ETF 核准：遊戲規則改變者？

Minton believes that the potential approval of a spot Ether ETF in the U.S. could shift institutional clients toward Ether. However, Bloomberg ETF analysts estimate the chances of an Ether ETF approval by May at only 35%, with the SEC's silence on the matter seen as bearish.

Minton 認為，現貨以太坊 ETF 在美國的潛在批准可能會使機構客戶轉向以太坊。然而，彭博 ETF 分析師估計 5 月 ETH ETF 獲得批准的可能性僅為 35%，而 SEC 對此事的沉默被視為看跌。

Expanding the Crypto Universe

擴充加密世界

Regardless of ETF approvals, Goldman plans to expand into a wider universe of clients, including asset management funds, banks, and more specialized crypto asset firms. Minton's optimism suggests that Goldman Sachs is betting on the long-term growth of the crypto market and the potential for it to become a more mainstream asset class.

無論 ETF 是否獲得批准，高盛都計劃擴展到更廣泛的客戶群，包括資產管理基金、銀行和更專業的加密資產公司。明頓的樂觀態度表明，高盛正在押注加密貨幣市場的長期成長及其成為更主流資產類別的潛力。