Goldman Sachs Reduces Holdings in Bitcoin ETFs

Goldman Sachs cut Bitcoin ETF positions, reallocating to altcoins.

In the fourth quarter of 2025, Goldman Sachs reduced its positions in spot-based ETFs linked to Bitcoin and Ethereum. According to a 13F filing, the financial giant reallocated capital towards new altcoin funds.

As of December 31, Goldman Sachs’ portfolio in instruments based on the leading cryptocurrency was valued at $1.06 billion, a decrease of 39.4% over three months. Investments in Ethereum funds fell by 27.2% to $1 billion.

The organization diversified its assets with instruments launched in the same quarter. By the end of the year, the bank held a position in an XRP-ETF worth $152.2 million and in a Solana-ETF valued at $108.9 million.

This rebalancing coincided with a market correction. From late September to December 2025, Bitcoin’s price dropped from $114,000 to $88,400. Ethereum’s value decreased from $4,140 to $2,970. Amid falling prices, investors withdrew funds: the quarterly outflow from Bitcoin ETFs was $1.15 billion, and from Ethereum-based products, $1.46 billion.

In February of the current year, sentiment shifted. On the 10th, the net inflow into spot Bitcoin funds reached $166.56 million, with growth continuing for three consecutive days.

The Ethereum sector also showed positive dynamics with an inflow of $13.82 million. The leader was the Grayscale Ethereum Mini Trust.

Macro Factors at Play

Analysts at QCP Capital suggested that the market has reached a local bottom, yet they expect sideways price movement in the short term. 

The key driver for Bitcoin’s growth, according to experts, is the return of capital to spot ETFs. Ethereum’s price is also being stabilized by targeted purchases from major players, including coin accumulation by BitMine, led by Tom Lee.

On a macro level, sentiment was bolstered by two factors: easing tensions between the US and Iran, and weak employment data. The latter increased the likelihood of a Fed rate cut in March. Traders are now focused on upcoming NFP and CPI reports.

Despite the growth, market sentiment remains “fragile”:

• The fear and greed index is at 11;
• The discount on Coinbase has narrowed from 20 to 9 basis points, indicating reduced selling pressure in the US.

QCP Capital warned of continued high volatility. Experts advised hedging positions and cautioned against drawing conclusions about a definitive market reversal before macroeconomic data is released.

Lead researcher at Bitrue, Andri Fauzan Ajiima, commented to The Block that Kevin Warsh’s nomination as Fed chair was perceived by the market as a “hawkish” signal. This could imply tighter liquidity and a more restrained approach to rate cuts in the future.

“Traders should wait for stabilization in the $60,000-65,000 support zone or a resumption of macroeconomic easing for a rebound to begin,” Ajiima believes.

CIO of Kronos Research, Vincent Liu, noted an improvement in the derivatives market. The price decline triggered deleveraging, and funding rates normalized. This indicates the closure of most high-leverage positions.

The expert added that institutional capital has taken a wait-and-see approach. Major players are waiting for catalysts such as a sustained inflow of funds into exchange-traded funds or new macro signals.

Glassnode previously described the current Bitcoin dip as “moderate.”