Anthony Scaramucci said his firm, SkyBridge Capital, continued buying bitcoin through January and February, adding exposure as prices retreated from recent highs. The comments, delivered at Consensus Hong Kong, underscore a split emerging among large allocators as volatility tests conviction across digital-asset portfolios.
At the same time, recent regulatory filings show that Goldman Sachs has reduced exposure to spot bitcoin and ether exchange-traded funds, trimming positions while reallocating to newer products tied to alternative tokens.
SkyBridge Buys Into Weakness
Speaking publicly, Anthony Scaramucci said SkyBridge accumulated bitcoin across several levels, including during sharp pullbacks and the subsequent rebound into the high-$60,000s.
He likened the approach to “catching a falling knife,” acknowledging the difficulty of timing entries during drawdowns but framing the purchases as deliberate conviction bets rather than short-term trades.
SkyBridge’s strategy reflects a willingness to add risk when prices compress, a posture more common among crypto-native managers with longer time horizons.
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The firm has historically emphasized macro tailwinds and adoption trends over near-term price action, and Scaramucci reiterated that view as markets recalibrated.
Scaramucci also pointed to macro and political crosscurrents shaping sentiment, citing interest-rate expectations and U.S. policy dynamics as key variables. While he argued the current administration is more constructive toward crypto, legislative progress remains uncertain amid partisan divisions.
Goldman Trims Spot ETF Exposure
By contrast, Goldman’s latest 13F shows notable reductions in spot bitcoin and ether ETF holdings, cutting positions by roughly a third while maintaining sizable allocations. The bank also disclosed positions in newly launched spot ETFs tied to XRP and Solana, signaling selective rotation rather than a wholesale exit from digital assets.
The shift suggests a more defensive stance, prioritizing balance-sheet risk management and liquidity while exploring exposure through a broader set of regulated vehicles. For traditional institutions, ETF positioning often reflects client demand and internal risk limits as much as directional conviction.
Bitcoin’s recent price swings, falling sharply from $126k highs to below $60k before stabilizing, have coincided with net outflows from spot crypto ETFs, according to data. Q4 saw ETF outflows of $1.15 billion from bitcoin ETFs and $1.46bn from ether ETFs, amplifying the selloff. Those redemptions have reinforced caution among some allocators even as others view the pullback as an opportunity.
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