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Goldman Sachs, one of the world's leading investment banks, published a report highlighting the increasing institutionalization and maturity of cryptocurrency markets in 2023.
Goldman Sachs Says Crypto Markets Mature in 2023
The report points to the emergence of regulated and centrally cleared derivative instruments, an increase in trading activity and open interest, and the prospect of a spot Bitcoin ETF as signs of the market's evolution.
According to the report, the crypto market experienced a significant shift in 2023 from unregulated and individual-dominated trading platforms to more professional and institutional platforms.
The report cites the launch of several new derivatives exchanges, such as Coinbase Derivatives, CBOE, Eurex, GFO-X, AsiaNext and 24 Exchange, as examples of market diversification and expansion.
The report also states that the derivatives market, which allows investors to bet on future price movements of cryptocurrencies, is the most visible indicator of the institutionalization of the market.
The report notes that CME, the largest regulated futures exchange in the US, became the top Bitcoin futures exchange by open interest, which is the total value of outstanding contracts, in the fourth quarter of the year.
CME also saw steady growth in Bitcoin and Ethereum futures and options trading throughout the year.
The report also states that Ethereum futures trading lags behind Bitcoin futures trading in 2023, accounting for only 20%-50% of Bitcoin futures market volume.
However, the report expects Ethereum futures to recover in 2024 as the Ethereum network undergoes a major upgrade to increase its scalability and efficiency.
*This is not investment advice.