Goldman Sachs’ clients are reportedly jumping into crypto-related trades following the launch of Bitcoin (BTC) exchange-traded funds (ETFs).

Max Minton, Goldman’s head of digital assets in Asia, tells Bloomberg that the banking giant’s clients are investing in crypto derivatives for multiple purposes.

“The recent ETF approval has triggered a resurgence of interest and activities from our clients. Many of our largest clients are active or exploring getting active in the space…

It was a quieter year last year, but we’ve seen a pickup in interest from clients in onboarding, pipeline, and volume since the start of the year.”

After rejecting applications for years, the U.S. Securities and Exchange Commission (SEC) approved the first 11 spot Bitcoin exchange-traded funds in January.

Goldman’s clients tend to be focused on Bitcoin (BTC), but Minton notes that they could also show more interest in Ethereum (ETH) if the SEC greenlights an ETF for the second-largest crypto asset. Decisions on some applications could be made by May.

Matthew McDermott, Goldman’s global head of digital assets, noted in an interview with Reuters last week that retail traders have so far been in the driver’s seat of the current crypto bull market.

Goldman 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.”

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