Retail Traders are Driving Current Bull Market, According to Goldman Sachs
According to a Goldman Sachs executive, retail traders have been the primary drivers of the current Bitcoin (BTC) and crypto bull markets, with institutions beginning to join in on the action.
Matthew McDermott, the global head of digital assets at the investment banking firm, stated that they have been enhancing their crypto trading team since its launch in 2021.
McDermott highlighted a significant shift in client types and trading volumes, noting an optimistic outlook on opportunities in the digital asset space, including “bankruptcy claims and some of the other investing opportunities.”
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Additionally, McDermott expressed positivity about the tokenization of real-world assets (RWAs), foreseeing potential growth in this sector within the next one or two years.
At the time of writing, Bitcoin is priced at $66,800, showing an over 5% increase in the past 24 hours following a brief dip. Last Thursday, BTC reached a new all-time high of $73,738.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
