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bitcoin surpassed $61K in early Asian trading today as traders remain cautious ahead of the release of US CPI (consumer price index) data and a recent filing shows that Goldman Sachs has positions in multiple btc ETFs (exchange-traded funds).
Since breaking $61,000 earlier today, btc has pulled back to trade at $60,856.21 as of 3:20 am EST. Despite this correction, the leader bitcoin/”>crypto It continues to rise more than 2% in the last 24 hours.
Traders remain cautious awaiting the release of the CPI
While btc managed to regain a foothold above $60,000 in the latest trading session, several traders and trading funds remain cautious ahead of a data-packed week.
“Investors remain cautious ahead of this week’s US CPI,” QCP Capital said in a Telegram broadcast.
Traders will be looking to gauge whether the US Federal Reserve will cut interest rates by 50 or 25 basis points in September, the cryptocurrency trading firm added. Currently, the odds of either happening are “evenly split,” according to QCP Capital.
Earlier this week, Richard Kelly, global chief strategy officer at TD Securities, said in a CNBC Interview “I think there is still a lot of room for reversal, especially given how undervalued the yen is,” he added.
Goldman Sachs holds over $400 million in bitcoin ETFs
In its quarterly report 13-F ReportWall Street giant Goldman Sachs has revealed that it has positions in several bitcoin ETF. BlackRock's iShares bitcoin Trust (IBIT) is the investment bank's largest holding at $238.6 million.
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BREAKING NEWS: Goldman Sachs reveals $418 million in stock twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF holdings.
— Whale Insider (@WhaleInsider) twitter.com/WhaleInsider/status/1823623360292491409?ref_src=twsrc%5Etfw”>August 14, 2024
The bank’s next-largest bitcoin ETF position is in Fidelity’s bitcoin ETF (IBIT), at $79.5 million. Goldman Sachs also has $56.1 million invested in Invesco Galaxy’s btc ETF (BTCO) and $35.1 million in Grayscale’s GBTC. The remaining bitcoin ETFs the bank has exposure to are BITB, BTCW, and ARKB.
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