Goldman Sachs disclosed significant ownership of various Bitcoin exchange-traded funds (ETFs) in a recent 13F filing, including a $288 million stake in the Fidelity Bitcoin ETF and a $1.3 billion stake in BlackRock's Bitcoin ETF. However, this ownership likely reflects the bank's clientele rather than a direct bet on Bitcoin's price by Goldman itself. Additionally, the disclosure indicated that Goldman holds put options valued at over $600 million, which suggests a bearish posture, as these options offer the right to sell at a predetermined price. Analysts point out that this strategy aligns with the basis trade, also known as cash and carry trading, which balances potential profits against risks from Bitcoin price fluctuations. As other financial institutions file their 13Fs, similar misleading headlines may circulate, creating confusion in the market.

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