Goldman Sachs Analyst Says Retail Traders Driving Current Crypto Rally Amid ‘Big Sea Change’: Report

Retail traders have so far been in the driver’s seat of the current Bitcoin (BTC) and crypto bull markets, according to a Goldman Sachs executive.

Matthew McDermott, the investment banking giant’s global head of digital assets, says institutions have just started to get in on the action, Reuters reports.

Goldman Sachs first launched a crypto trading team in 2021, which McDermott says they continue to improve on.

“Last year was tough but just coming through to this year we’ve seen a big sea-change not only in terms of the types of clients but also in terms of volumes.”

The Goldman executive notes that the investment giant has been eyeing “bankruptcy claims and some of the other investing opportunities” in the digital asset space.

McDermott also is optimistic about the real-world asset (RWA) tokenization sector.

“I do think over time we’ll start to see more asset classes get tokenized and actually get some scale – but maybe that’s one or two years down the line.”

Bitcoin is trading at $67,906 at time of writing. The top-ranked crypto asset by market cap is up more than 8% in the past 24 hours after dipping in price on Tuesday. BTC set a new all-time high of $73,738 last Thursday, according to CoinGecko.

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