Goldman Sachs Dumps Crypto, Calls It “Conviction Statement”

by

Crypto analyst Merlijn, a man whose optimism is as rare as a rainy day in the Sahara, has delivered a drizzle of bad news to Solana and XRP investors. Goldman Sachs, that august institution of financial wisdom, has offloaded its exposure to these digital tokens, a move that would make a funeral director blush for its finality. The analyst hailed this as a “conviction statement,” a term one might use to describe burning a bridge while standing on it.

In a tweet worthy of a Shakespearean tragedy, Merlijn declared that Goldman Sachs had “separated the winners from the losers” by clinging to Bitcoin and Ethereum like a toddler to a security blanket. One might wonder if the U.S. bank’s remaining exposure to those coins was less a strategic move and more a desperate clutch at straws. The analyst, ever the optimist, insisted this was not a market signal but a “conviction statement”-a phrase that now sounds suspiciously like a euphemism for panic.

Yet, in a twist that would baffle a chess grandmaster, Goldman Sachs also trimmed its Bitcoin and Ethereum holdings. The bank, which once held $700 million in Bitcoin ETFs, now clings to a paltry $700 million. Its Ethereum exposure? A mere $100 million, a drop in the ocean compared to its former grandeur. One might say the bank is downsizing-or perhaps it’s simply running out of things to sell.

Goldman Sachs, the largest institutional holder of XRP ETFs, once staked $153 million across four funds, while its Solana position hovered around $100 million. But as the crypto market sank into its seasonal bear hibernation, the bank chose to flee. XRP, down 26% year-to-date, and Solana, down 30%, followed their leader into the abyss. Even Bitcoin and Ethereum, the old guard, have faltered, down 10% and 28%, respectively. Meanwhile, Goldman Sachs has turned its attention to Hyperliquid Strategies, a firm whose Perp DEX token has soared 120% YTD-proof that the only thing more volatile than crypto is Goldman Sachs’ attention span.

XRP Demand Not Concentrated In One Firm

Crypto pundit X Finance Bull, a man who clearly enjoys a good contradiction, noted that XRP ETF flows remain positive despite Goldman Sachs’ exit. This, he claimed, proves demand is “distributed across multiple institutional buyers,” a statement that might surprise the crowd at a tax seminar. The XRP ETFs, he boasted, have outperformed Bitcoin and Ethereum, which are hemorrhaging money at a rate that would make a casino proud. BTC ETFs have lost $800 million this month, while Ethereum ETFs have bled $260 million. XRP ETFs, in contrast, have siphoned in $100 million, while Solana ETFs have pulled in $103 million-a performance one might call “modestly bullish.”

Read More

2026-05-21 18:28