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

As of December 31, Goldman Sachs' portfolio in instruments based on the first 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 a Solana-ETF worth $108.9 million.

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

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

Source: SoSoValue.

The Ethereum sector also showed positive dynamics with an inflow of $13.82 million, led by Grayscale Ethereum Mini Trust.

Source: SoSoValue.

Macroeconomic Pressures

Analysts at QCP Capital suggested that the market has hit a local bottom, expecting sideways price movement in the short term.

The key driver for Bitcoin's growth, experts noted, is the return of capital to spot ETFs. Ethereum's price is also being stabilized by large players making spot purchases, including the accumulation of coins by Tom Lee's BitMine.

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

Despite the growth, market sentiment remains "fragile":

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

QCP Capital warned of continued high volatility. Experts advised hedging positions and refraining from concluding a definitive market reversal until macroeconomic statistics are released.

Andri Fauzan Adziima, a leading researcher at Bitrue, commented to The Block that the nomination of Kevin Warsh as Fed chair was perceived by the market as a "hawkish" signal. This could imply tighter liquidity and a more cautious approach to rate cuts in the future.

"Traders should expect stabilization in the support zone of $60,000-65,000 or a resumption of macroeconomic easing before a rebound can begin," Adziima stated.

CIO of Kronos Research, Vincent Liu, noted a recovery in the derivatives market. Price declines prompted deleveraging, and funding rates have normalized. This signals the closure of most high-leverage positions.

The expert added that institutional capital is taking a wait-and-see approach. Major players are looking for catalysts such as sustained inflows into exchange-traded funds or new macro signals.

Recall that Glassnode described the current Bitcoin pullback as "moderate."