Goldman Sachs Becomes Largest XRP ETF Holder as March Bitcoin ETF Net Inflows Reach $1.56B
Bitcoindipped below $70,000 ahead of today's February CPI print, pressured by the IEA's historic release of strategic oil reserves and persistent miner selling, while spot ETF inflows continue to build with $1.56B net in March so far. Goldman Sachs(GS)surfaced as the dominant holder of XRPETFs, institutional buyers absorbed over $540M in solanaETFs last quarter, and a stablecoin treasury SPAC cleared its shareholder vote to list on Nasdaq, all signs that traditional finance is deepening its crypto plumbing even as price action stays choppy. On-chain, Mara Holdingsrouted nearly $21M in bitcoin to a trading desk, and a prolific whale is pressing a $90M short against both bitcoin and ether.GOLDMAN SACHS LEADS XRP ETF HOLDERS AS SPOT BITCOIN FUNDS EXTEND MARCH INFLOW STREAK:Spot bitcoin ETFs recorded $251M in net inflows on Tuesday, building on Monday's $167M and pushing cumulative March inflows to $1.56B against $576.6M in outflows, with BlackRock'sIBIT leading,according to Cointelegraph. In a notable development for altcoin funds, Goldman Sachs has emerged as the largest XRP ETF holder with roughly $154M in exposure, approximately 15% of total XRP ETF assets of $971M, followed by Millennium Management at $23M and Citadel at $5.2M. XRP ETFs have posted only nine days of net outflows since launching in November 2025, accumulating over $1.4B in cumulative inflows. Separately, institutional investors accumulated over $540M in U.S. spot solana ETFs during Q4,, with Electric Capital holding $137.8M and Goldman Sachs $107.4M, half of solana ETF AUM is now held by 13F-filing institutions despite SOL dropping more than 30% since year-end.CRYPTO INFRASTRUCTURE CONSOLIDATES:On the infrastructure side, Sphere 3D(ANY)filed an 8-K todaydisclosing a definitive agreement to acquire Cathedra Bitcoin in an all-stock deal combining 53 MW of managed power capacity and 1.2 EH/s of proprietary hash rate. Hyperscale Data(GPUS), a bitcoin-anchored AI data center operator,of $180M–$200M for FY26, roughly double preliminary 2025 revenue, targeting profitability by Q4.STABLECOINX SPAC CLEARS 97% VOTE FOR NASDAQ LISTING UNDER TICKER USDE:TLGY Acquisitionfiled an 8-K todaydisclosing that approximately 97% of shareholder votes were cast in favor of its business combination with StablecoinX Assets Inc. The combined company will list on Nasdaq under the ticker 'USDE" and hold more than 3B ENA tokens, the native token of the Ethena stablecoin protocol, backed by a $360M PIPE financing from Dragonfly, Ribbit Capital, and Blockchain.com, with the Ethena Foundation initiating a $310M token buyback. For equity investors, this creates the first Nasdaq-listed vehicle for direct exposure to DeFi yield infrastructure. Separately, BitGo Holdings(BTGO)announced todayan investment in Ubyx and the appointment of BitGo Bank & Trust as a settlement agent within Ubyx's shared clearing network for regulated digital assets.STRIVE ADDS 179 BTC AND $50M OF STRATEGY PREFERRED TO LAYERED TREASURY:Strive(ASST)that it purchased 179 additional bitcoin, bringing its treasury to approximately 13,311 BTC, while simultaneously buying $50M of Strategy's(MSTR)STRC preferred stock, creating double-layered digital-asset balance sheet exposure. The company also hiked the dividend rate on its own SATA preferred stock by 25 basis points to 12.75% and narrowed its targeted price range to $99–$101, with aggregate bitcoin, STRC, and cash reserves now covering more than 19 years of SATA interest payments. JPMorgan(JPM)filedtwo 424B2 prospectus supplements todayfor structured notes referencing cryptocurrency assets, including leveraged products tied to BlackRock'sIBIT, reversing the bank's historical disdain for the high-velocity asset class by pushing to package bitcoin exposure for wealth management clients.WALL STREET AND CRYPTO CLASH OVER STABLECOIN DEPOSITS AS BERNSTEIN BACKS CIRCLE:The battle between traditional banks and crypto firms over the future of money came into sharp focus today as theFinancial Times published a major featureexamining the fight over stablecoin interest payments permitted under the Genius Act, which passed the U.S. House in July. Banks are lobbying hard to close what they call the "interest loophole," arguing that paying yield on stablecoins will trigger massive deposit flight, moving trillions out of traditional institutions and into crypto wallets, and severely limit their capacity to lend to small businesses and issue mortgages. JPMorganCFO Jeremy Barnum warned in the FT that "the creation of a parallel banking system" with deposit-like features but without prudential safeguards is "an obviously dangerous and undesirable thing." Circle(CRCL)CEO Jeremy Allaire countered that the Genius Act is "foundational regulation that is going to unlock the power of the internet in rebuilding the financial system."PRICE ACTION:As of time of writing, bitcoin was trading at$70,150.40, while ether was trading at$2,042.25,according to price data from TipRanks.
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Goldman Sachs: A Historical Paradigm Shift
- IPO Milestone: Goldman Sachs went public on May 4, 1999, issuing 69 million shares and raising $3.657 billion, marking the second-largest IPO in U.S. financial history at the time, thus ending its 130-year history as a private partnership and initiating a new chapter in its growth.
- Financial Performance: In 2025, Goldman Sachs reported net revenues of $58.28 billion, a 9% increase year-over-year, with net earnings of $17.18 billion, reflecting a robust performance in the investment banking sector and solidifying its market leadership.
- Market Influence: Goldman Sachs is viewed as a bellwether for investment banking activity and capital market trends, with its stock price trading above $1,000 in mid-2026, demonstrating strong market confidence and investor optimism since its IPO without any stock splits.
- Strategic Development: The firm's global expansion and diversified operations enable it to support clients in uncertain market conditions, with CEO David Solomon emphasizing the importance of a risk management culture to maintain competitiveness across various market environments.
SpaceX IPO Frenzy Subsides as Stock Declines
- Stock Decline: SpaceX shares are experiencing their second consecutive day of decline, dropping 7.6% to a current price of $180.40, while still above the opening day closing price of $161, indicating significant market volatility.
- Valuation vs. Potential: Despite CEO Elon Musk's prediction of exceeding $1 trillion in sales by 2030, SpaceX's price-to-sales (P/S) ratio remains high, with Q1 revenue reported at $4.7 billion, suggesting a disconnect between current valuation and future growth potential.
- Wall Street Expectations: Analysts from Goldman Sachs and Morgan Stanley project sales of $470 billion and $330 billion by 2030, respectively, indicating that even at the higher estimate, the stock would trade at a P/S of 5, reflecting cautious investor sentiment regarding future growth.
- Investment Opportunity: While the stock may remain volatile in the near term, this week's decline could present a buying opportunity for long-term investors looking to add SpaceX shares to their portfolios, particularly with a 10 to 20-year investment horizon.
SpaceX Stock Drops 12% as Investor Sentiment Wavers
- Stock Volatility: SpaceX shares are currently down 12% from their peak, with a 7.6% drop today, indicating market concerns about its future performance, prompting investors to carefully assess their entry timing.
- Revenue Forecast Discrepancies: While CEO Elon Musk predicts revenues exceeding $1 trillion by 2030, Wall Street analysts from Goldman Sachs and Morgan Stanley project more conservative figures of $470 billion and $330 billion respectively, reflecting a cautious market outlook on SpaceX's growth potential.
- Valuation Considerations: SpaceX's current price-to-sales ratio remains high, and even under optimistic revenue forecasts, the expected P/S ratio could reach 5 by 2030, suggesting that the stock price may face downward pressure in the near term.
- Long-term Investment Opportunity: For investors planning to hold for 10 to 20 years, the current price decline may present a good opportunity to gradually accumulate SpaceX shares, despite the company not making it onto the latest “best stocks” recommendation list.
New Fed Chair Speaks, Apple Price Hike Looms
- New Fed Chair: Kevin Warsh's assertive tone at his first press conference indicates a potential shift in monetary policy, leading to an overreaction in the market, as evidenced by rising futures this morning, which may influence investor sentiment moving forward.
- Apple Price Increase: Apple plans to raise prices on its iPhone Pro model by approximately $270 due to surging memory costs, while carriers may still offer attractive deals to cushion the impact on consumers, which could affect Apple's competitive positioning in the market.
- Intel Collaboration News: President Trump announced on social media that Apple has agreed to collaborate with Intel to design and manufacture chips in America, resulting in a surge in Intel's stock price, reflecting a strong support for domestic manufacturing and potential growth opportunities.
- Marvell Price Target Increase: KeyBanc raised Marvell's price target from $260 to $385, with analysts expressing optimism about the company's prospects in server networking, indicating strong confidence in its future growth potential.
Iran Peace Deal Framework Drives Oil Prices Down
- Oil Price Volatility: Following the announcement of a framework for a long-term peace deal between Iran and the U.S., oil prices have dropped 30% from their nearly $113 peak on April 7, indicating market optimism about future supply, which could further impact global energy market stability.
- Positive Market Reaction: The Dow Jones Industrial Average surged above 52,000 for the first time, although it later retreated, reflecting investor expectations surrounding the peace deal, which may boost related energy stocks and enhance market confidence.
- Supply Chain Recovery: JPMorgan reports that oil flows through the Strait of Hormuz increased from 2.9 million barrels per day in May to 5.1 million barrels per day in June, although still at only 25% of pre-war levels, this recovery speed could accelerate global market supply and subsequently affect oil prices.
- Gasoline Price Decrease: The national average gasoline price is expected to fall below $3.50 per gallon within two weeks, with 11 states already below $3.65, providing tangible benefits to consumers and reflecting the positive economic impact of declining oil prices.
Challenges Ahead as Strait of Hormuz Reopens
- Reopening Timeline: The Strait of Hormuz is expected to reopen in weeks, but due to complex logistical and security issues, a full return to normal shipping may take months, impacting global oil and gas supply chains.
- Transport Bottleneck: Kpler estimates that 118 tankers are currently stranded in the Persian Gulf, with clearing the backlog expected to take 10 to 15 days, but this does not equate to a full recovery of the supply chain.
- Insurance and Safety Issues: Before normal shipping can resume, naval forces need to certify safe transit corridors, and insurers must reinstate coverage, which will further delay vessel movements and increase shipping costs.
- Oil Price Volatility: Goldman Sachs has lowered its Brent crude price forecast to $80 per barrel, reflecting market caution regarding supply recovery, although oil prices may still face pressure in the short term.
Goldman Sachs: A Historical Paradigm Shift
- IPO Milestone: Goldman Sachs went public on May 4, 1999, issuing 69 million shares and raising $3.657 billion, marking the second-largest IPO in U.S. financial history at the time, thus ending its 130-year history as a private partnership and initiating a new chapter in its growth.
- Financial Performance: In 2025, Goldman Sachs reported net revenues of $58.28 billion, a 9% increase year-over-year, with net earnings of $17.18 billion, reflecting a robust performance in the investment banking sector and solidifying its market leadership.
- Market Influence: Goldman Sachs is viewed as a bellwether for investment banking activity and capital market trends, with its stock price trading above $1,000 in mid-2026, demonstrating strong market confidence and investor optimism since its IPO without any stock splits.
- Strategic Development: The firm's global expansion and diversified operations enable it to support clients in uncertain market conditions, with CEO David Solomon emphasizing the importance of a risk management culture to maintain competitiveness across various market environments.
SpaceX IPO Frenzy Subsides as Stock Declines
- Stock Decline: SpaceX shares are experiencing their second consecutive day of decline, dropping 7.6% to a current price of $180.40, while still above the opening day closing price of $161, indicating significant market volatility.
- Valuation vs. Potential: Despite CEO Elon Musk's prediction of exceeding $1 trillion in sales by 2030, SpaceX's price-to-sales (P/S) ratio remains high, with Q1 revenue reported at $4.7 billion, suggesting a disconnect between current valuation and future growth potential.
- Wall Street Expectations: Analysts from Goldman Sachs and Morgan Stanley project sales of $470 billion and $330 billion by 2030, respectively, indicating that even at the higher estimate, the stock would trade at a P/S of 5, reflecting cautious investor sentiment regarding future growth.
- Investment Opportunity: While the stock may remain volatile in the near term, this week's decline could present a buying opportunity for long-term investors looking to add SpaceX shares to their portfolios, particularly with a 10 to 20-year investment horizon.
SpaceX Stock Drops 12% as Investor Sentiment Wavers
- Stock Volatility: SpaceX shares are currently down 12% from their peak, with a 7.6% drop today, indicating market concerns about its future performance, prompting investors to carefully assess their entry timing.
- Revenue Forecast Discrepancies: While CEO Elon Musk predicts revenues exceeding $1 trillion by 2030, Wall Street analysts from Goldman Sachs and Morgan Stanley project more conservative figures of $470 billion and $330 billion respectively, reflecting a cautious market outlook on SpaceX's growth potential.
- Valuation Considerations: SpaceX's current price-to-sales ratio remains high, and even under optimistic revenue forecasts, the expected P/S ratio could reach 5 by 2030, suggesting that the stock price may face downward pressure in the near term.
- Long-term Investment Opportunity: For investors planning to hold for 10 to 20 years, the current price decline may present a good opportunity to gradually accumulate SpaceX shares, despite the company not making it onto the latest “best stocks” recommendation list.
New Fed Chair Speaks, Apple Price Hike Looms
- New Fed Chair: Kevin Warsh's assertive tone at his first press conference indicates a potential shift in monetary policy, leading to an overreaction in the market, as evidenced by rising futures this morning, which may influence investor sentiment moving forward.
- Apple Price Increase: Apple plans to raise prices on its iPhone Pro model by approximately $270 due to surging memory costs, while carriers may still offer attractive deals to cushion the impact on consumers, which could affect Apple's competitive positioning in the market.
- Intel Collaboration News: President Trump announced on social media that Apple has agreed to collaborate with Intel to design and manufacture chips in America, resulting in a surge in Intel's stock price, reflecting a strong support for domestic manufacturing and potential growth opportunities.
- Marvell Price Target Increase: KeyBanc raised Marvell's price target from $260 to $385, with analysts expressing optimism about the company's prospects in server networking, indicating strong confidence in its future growth potential.
Iran Peace Deal Framework Drives Oil Prices Down
- Oil Price Volatility: Following the announcement of a framework for a long-term peace deal between Iran and the U.S., oil prices have dropped 30% from their nearly $113 peak on April 7, indicating market optimism about future supply, which could further impact global energy market stability.
- Positive Market Reaction: The Dow Jones Industrial Average surged above 52,000 for the first time, although it later retreated, reflecting investor expectations surrounding the peace deal, which may boost related energy stocks and enhance market confidence.
- Supply Chain Recovery: JPMorgan reports that oil flows through the Strait of Hormuz increased from 2.9 million barrels per day in May to 5.1 million barrels per day in June, although still at only 25% of pre-war levels, this recovery speed could accelerate global market supply and subsequently affect oil prices.
- Gasoline Price Decrease: The national average gasoline price is expected to fall below $3.50 per gallon within two weeks, with 11 states already below $3.65, providing tangible benefits to consumers and reflecting the positive economic impact of declining oil prices.
Challenges Ahead as Strait of Hormuz Reopens
- Reopening Timeline: The Strait of Hormuz is expected to reopen in weeks, but due to complex logistical and security issues, a full return to normal shipping may take months, impacting global oil and gas supply chains.
- Transport Bottleneck: Kpler estimates that 118 tankers are currently stranded in the Persian Gulf, with clearing the backlog expected to take 10 to 15 days, but this does not equate to a full recovery of the supply chain.
- Insurance and Safety Issues: Before normal shipping can resume, naval forces need to certify safe transit corridors, and insurers must reinstate coverage, which will further delay vessel movements and increase shipping costs.
- Oil Price Volatility: Goldman Sachs has lowered its Brent crude price forecast to $80 per barrel, reflecting market caution regarding supply recovery, although oil prices may still face pressure in the short term.
