Venture capitalists poured significantly more money into cryptocurrency projects in March, buoyed by Bitcoin’s new all-time high over the success of the newly launched spot exchange-traded funds (ETFs).

Spot Bitcoin exchange-traded funds experienced a significant jump in trading volume in March, reaching a total of $111 billion, according to data from Bloomberg ETF analyst Eric Balchunas.

The Chief Investment Officer of Goldman Sachs’ Wealth Management unit, Sharmin Mossavar-Rahmani, has said that clients of the bank haven’t expressed interest in gaining exposure to cryptocurrencies, despite the recent rally.

Top stories in the Crypto Roundup today:

• Venture Capitalists Poured Over $1 Billion Into Crypto Last Month
• Spot Bitcoin ETFs See Trading Volume Soar to $111 Billion in March
• Goldman Sachs Clients Unmoved by Crypto Rally, CIO Says

Venture Capitalists Poured Over $1 Billion Into Crypto Last Month

Venture capitalists poured significantly more money into cryptocurrency projects in March, buoyed by Bitcoin’s new all-time high over the success of the newly launched spot exchange-traded funds (ETFs).

According to data firm RootData, investors moved over $1.16 billion into the crypto industry last month, marking the second-highest amount in the past year and a 52% increase from February.

Most of the funds went into projects working on cryptocurrency infrastructure and decentralized finance projects being built on top of the Ethereum blockchain, although projects building on networks like Polygon and BNB Chain also saw funds.

The data reveals a focus on early-stage funding, with over half of all March investments falling between $1 million and $5 million. Larger allocations, exceeding $20 million, comprised only about 10% of the total, with roughly a third of the invested capital going towards projects based in the United States.

Spot Bitcoin ETFs See Trading Volume Soar to $111 Billion in March

Spot Bitcoin exchange-traded funds experienced a significant jump in trading volume in March, reaching a total of $111 billion, according to data from Bloomberg ETF analyst Eric Balchunas.

The figure is nearly triple the $42.2 billion recorded in February, which was the first full month of trading for these new investment products after they were approved by the U.S. Securities and Exchange Commission (SEC) on January 11.

BlackRock's iShares Bitcoin Trust (IBIT) has emerged as the clear leader in the spot Bitcoin ETF market, with data showing it managed to consistently lead in trading volume, followed by Grayscale's Bitcoin Trust (GBTC) and Fidelity's Wise Origin Bitcoin Fund (FBTC).

Balchunas highlighted IBIT's dominance by comparing it to the SPDR Gold Shares (GLD), the most heavily traded gold ETF, suggesting IBIT may be establishing itself as the go-to option for Bitcoin exposure within the ETF landscape.

Goldman Sachs Clients Unmoved by Crypto Rally, CIO Says

The Chief Investment Officer of Goldman Sachs’ Wealth Management unit, Sharmin Mossavar-Rahmani, has said that clients of the bank haven’t expressed interest in gaining exposure to cryptocurrencies, despite the recent rally.

In a recent interview with the Wall Street Journal, Mossavar-Rahmani, who is a well-known crypto skeptic, said “we do not think it is an investment asset class. We're not believers in crypto." The CIO’s words come even as competitors like BlackRock and Fidelity have embraced crypto, responding to client demand for exposure to Bitcoin.

Mossavar-Rahmani's primary concern centers around the difficulty of valuing cryptocurrencies. "If you cannot assign a value, then how can you be bullish or bearish?" she questioned.

Beyond valuation concerns, she expressed reservations about the industry's professed ideals, saying “crypto enthusiasts all proclaim democratization of finance, yet the main decisions end up being driven by a few controlling people.”

Goldman Sachs's position stands in stark contrast to the growing mainstream acceptance of cryptocurrency, with various Wall Street giants including JP Morgan Chase exploring their underlying technology.

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State of the Crypto by Top Tier Exchange Volume

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