Goldman Sachs Eyes Bitcoin ETF Role; Buterin Boosts Ethereum Name Service Token; Europe to Probe Crypto-Bank Contagion

Written by BTSE

January 4, 2024

As the working day gets started across Asia, it’s been a turbulent night for cryptocurrencies. Bitcoin dropped nearly 10% early Wednesday, coinciding with Matrixport’s report predicting the SEC’s rejection of all spot BTC ETF applications this month. Analysts suggest that this decline might be more of a “typical leverage flush” rather than a reaction to this particular event, however. 

Ethereum also experienced a downturn, falling over 5% to $2,200. Solana wasn’t spared either, witnessing a 6% drop to $101 this morning. How are investors reacting to these rapid shifts?


Goldman Sachs (GS) Eyeing Bitcoin ETF Role Via BlackRock (BLK), Grayscale (GBTC): Goldman Sachs is reportedly set to play a pivotal role in the Bitcoin ETFs proposed by BlackRock and Grayscale. Sources say the Wall Street giant is in talks to become an authorized participant (AP), a crucial function in the ETF market. This role ensures that ETFs trade in line with their underlying assets by creating and redeeming ETF shares. 

Goldman’s involvement follows announcements of JPMorgan Chase, Jane Street, and Cantor Fitzgerald taking on similar roles for other Bitcoin ETFs. With major U.S. banks joining the fray, thanks to a cash-based mechanism being seen as vital for SEC approval, the landscape is heating up. BlackRock and Grayscale are notable players, with the latter managing the $26 billion Grayscale Bitcoin Trust. How will Goldman Sachs’ entry impact the Bitcoin ETF saga?


ENS Token Jumps 50% as Ethereum Co-Founder Buterin Hails Ethereum Name Service as ‘Super Important’: The ENS token soared over 50% following Ethereum co-founder Vitalik Buterin’s endorsement of the Ethereum Name Service (ENS). Buterin emphasized the importance of ENS for layer-2 blockchains, advocating for affordable ENS subdomains. ENS, trading at $12.54, hit its highest point since April, recovering from a low of $8.50. The service allows users to own domain names on the Ethereum blockchain, facilitating easier fund transfers and transactions. With 2.1 million registered domains and 800,000 participants, ENS is a key player in the DeFi ecosystem. Will this surge mark a turning point for ENS?

Trade ENS on BTSE now.


European Banking Authority (EBA) to Probe Deeper Into Crypto-Bank Contagion Possibility: The EBA is set to investigate the potential impact of cryptocurrency-related entities on European Union banks. Concerns about contagion between banks and non-bank financial institutions (NBFIs) have prompted this move. With NBFIs holding approximately $219 trillion in global financial assets, the stakes are high. The EBA has already proposed rules addressing the role of crypto in the financial system, including liquidity and capital requirements for stablecoin issuers. The latest initiative involves collaboration with the European Systemic Risk Board and Financial Stability Board to understand the effects of a potential “shadow banking shock.” How will these investigations shape the regulatory landscape for cryptocurrencies in Europe?


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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