In a strategic shift during the fourth quarter of 2025, banking titan Goldman Sachs reduced its exposure to Bitcoin and Ethereum ETFs. According to its latest 13F filing, the financial giant pivoted toward newly launched altcoin instruments, marking a significant diversification of its digital asset portfolio.
Portfolio Reallocation and Market Correction
As of December 31, Goldman’s Bitcoin ETF holdings fell by nearly 40%, dropping to $1.06 billion. Similarly, its Ethereum-based assets decreased by 27.2%, totaling $1 billion.
New Positions as of Year-End:
- XRP ETFs: $152.2 million
- Solana ETFs: $108.9 million
This rebalancing occurred alongside a broader market downturn. Between September and December 2025, Bitcoin slid from $114,000 to $88,400, while Ethereum dropped from $4,140 to $2,970. Total quarterly outflows across the sector exceeded $2.6 billion.
February Recovery and Sentiment Shift
Market sentiment improved in early February 2026. On February 10, spot Bitcoin ETFs recorded a net inflow of $166.56 million, marking three consecutive days of growth. Ethereum products also saw a modest recovery, led by the Grayscale Ethereum Mini Trust.
QCP Capital analysts suggest the market may have found a local bottom, though they anticipate sideways movement in the near term. They credit the stabilizing prices to renewed ETF inflows and targeted accumulation by large players like Tom Lee’s BitMine.
Macro Pressures and the Federal Reserve
The market remains on edge due to shifting macroeconomic signals:
- Geopolitics: Easing tensions between the U.S. and Iran have provided some relief.
- Labor Market: Weak employment data has raised hopes for a Fed rate cut in March.
- The “Warsh” Factor: The nomination of Kevin Warsh as Fed Chair is viewed as a “hawkish” signal, potentially tightening future liquidity.
The Fear & Greed Index currently sits at a low of 11, indicating “Extreme Fear.” While derivatives markets have “cleansed” high-leverage positions, researchers at Bitrue warn that a sustainable rally may not begin until Bitcoin stabilizes in the $60,000–$65,000 support zone.
