Goldman Sachs Swaps Pitchforks for Bitcoin, Files ETF Proposal as $412M Pour Into Spot BTC Funds

The Bitcoin ETF rave now has a former hater in attendance: Goldman Sachs. The bank that once called Bitcoin a "bubble" has filed with U.S. regulators to launch its very own Bitcoin-linked ETF—because nothing says redemption arc like regulatory paperwork. The timing is chef’s kiss: spot Bitcoin ETFs just sucked up $411.5 million in a single day, the second-biggest April haul yet, according to SoSoValue. Guess the FOMO was too loud to ignore, even from the ivory towers of Wall Street.

These fresh inflows nudged 2024’s year-to-date net flows into the green at around $245 million—because positive numbers are still mathematically possible, despite what your last trade told you. Total assets under management across all spot Bitcoin ETFs now hover above $96.5 billion, their highest since mid-March, when everyone briefly remembered that crypto existed.

Not a single spot Bitcoin ETF saw red this go-around—because apparently, even robots are bullish. BlackRock’s iShares Bitcoin Trust (IBIT) flexed with $214 million, riding a five-day streak that’s now pulled in roughly $696 million. Meanwhile, Morgan Stanley’s baby, the Morgan Stanley Bitcoin Trust (MSBT), isn’t just cute—it’s compounding, adding $84 million over the same stretch. Looks like Wall Street’s trust fund kids are all getting allowance at the same time.

The supporting cast showed up too: ARK 21Shares Bitcoin ETF (ARKB) pocketed $113 million, because Cathie Wood still believes in something, and Fidelity Wise Origin Bitcoin Fund (FBTC) grabbed $45 million—probably from people who still trust Fidelity more than their ex.

Even altcoin ETFs got a whiff of the dopamine. Spot Ether funds pulled in $53 million, proving ETH isn’t dead—just resting between ETF pumps. XRP ETFs scooped $11 million, likely from the 3.2 remaining XRP maxis. Solana ETFs scraped together just over $1 million—still more than their devnet ETH this week. And Dogecoin ETFs? They added $187,000, because of course they did. Cumulative DOGE inflows now sit at $9.2 million, or roughly 0.3% of Elon’s last tweet’s engagement.

Bitcoin briefly flared to $75,000 on Tuesday—the first time since March 17, back when hope was still a strategy—before settling at $73,852. The Crypto Fear & Greed Index crept above 20, which technically means “not actively sobbing into your Ledger.” Progress!

So yes, Goldman Sachs finally caught the Bitcoin bug. Took them long enough—next, they’ll be shilling NFTs from their private wealth clients. But hey, better late than liquidated, right?