🌋 Goldman Sachs significantly reduced its investments in Bitcoin and Ethereum ETFs In the fourth quarter of 2025, Goldman Sachs cut its investments in spot Bitcoin ETFs by almost 40% to $1.06 billion, and in Ethereum-based ETFs by more than 27% to $1 billion, according to the bank’s filings. At the same time, in the fourth quarter the bank opened positions in spot XRP and Solana ETFs worth $152 million and $109 million, respectively. The reduction in fund exposure came during a period of decline in the crypto market. During this time, BTC fell from around $114,000 at the end of September to $88,000 by the end of the year, while ETH dropped from $4,140 to $2,970. Over the same quarter, spot Bitcoin ETFs recorded net capital outflows of $1.15 billion, and Ethereum ETFs saw outflows of $1.46 billion. Goldman Sachs has no direct investments in cryptocurrencies in its portfolio — only ETFs.