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Goldman Sachs reduced its holdings in spot Bitcoin and ether exchange-traded funds in the fourth quarter of 2025, according to its latest filing with the US Securities and Exchange Commission. The bank reported sharp declines in share counts as crypto prices slid during the same period. At the same time, it initiated positions in newly launched XRP and Solana ETFs, signaling a shift in allocation rather than a full retreat.
As of December 31, 2025, Goldman held about 21.2 million shares across various spot Bitcoin ETFs, valued at approximately $1.06 billion. This figure marked a 39.4% drop in shareholdings from the third quarter. The data came from the firm’s Form 13F filing submitted on Tuesday.
The bank also held about 40.7 million shares of spot ether ETFs, worth close to $1 billion at year-end. This position reflected a 27.2% decline in shares compared with the previous quarter.
The reductions occurred during a broad crypto market downturn. Bitcoin fell from $114,000 at the end of September 2025 to about $88,400 by December 31. Ether also declined, dropping from $4,140 at the end of September to $2,970 by year-end.
Meanwhile, spot Bitcoin ETFs recorded quarterly outflows of $1.15 billion. Ether ETFs saw $1.46 billion in net outflows during the fourth quarter, based on SoSoValue data. These redemptions coincided with falling asset prices.
Even so, total Bitcoin held across ETFs declined by only 6% despite a 50% price drawdown from October highs. This limited reduction in holdings suggested that long-term allocations remained relatively stable.
During the same quarter, Goldman added exposure to new products. The firm reported $152.2 million in spot XRP ETFs and $108.9 million in spot Solana ETFs by year-end. Both products launched during the fourth quarter.
Despite price weakness, recent ETF inflows showed signs of resilience. Back-to-back inflows totaling $616 million offered support during volatile trading. Still, the broader market mood remained cautious.
The CMC Fear & Greed Index fell to 35, placing sentiment in the “fear” zone. The reading reflected investor anxiety as prices retreated. Such conditions often influence short-term trading flows.
Goldman’s total crypto ETF exposure stood at $2.36 billion by year-end. Although that figure represented 15% quarter-over-quarter growth in ETF exposure, it accounted for a small share of the bank’s $3.5 trillion portfolio.
The key question remains whether institutional flows will persist or reverse in coming quarters.
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Sustained ETF inflows remain central to market balance. Investor capital allocations will work against an upward price movement of Bitcoin, which has decreased by 40 percentage points since its October peak. The situation will worsen; redemptions will create additional weight on the system.
The 6% dip in total Bitcoin ETF holdings was due to stable conditions,as the market experienced a significant price drop. Large investors who experienced market fluctuations kept their holdings between price changes based on the difference between price movements and market holdings.
Market activity currently depends on sentiment readings, which produce negative impacts. A Fear & Greed Index score of 35 signals caution among participants. The caution of investors will affect future ETF flows if price momentum stops.
The institutional positioning of organizations will become more visible through quarterly filings which will show their current investment strategies. The upcoming market situation will determine whether Goldman expands its investments or reduces its holdings.
Goldman Sachs reduced its spot Bitcoin ETFs and spot ether ETFs in the fourth quarter while adding XRP ETFs and Solana ETFs. The shift came as crypto prices declined and ETF outflows rose. Future SEC Form 13F filings will show whether institutional exposure expands or contracts.
