Blockchain-Exposed Stocks Could Show Massive Sales Growth Despite Recent Underperformance, Goldman Says
Bitcoin has become more correlated with equity index returns in recent months, the bank’s analysts said.
Blockchain-exposed stocks have on average underperformed the S&P 500 by 8% year to date, falling 13% versus a 5% decline for the index, Goldman Sachs (GS) said in a note on Wednesday.
- Despite the underperformance, median blockchain-exposed stocks are expected to increase sales at 16% annually through to 2024, compared with a 9% sales growth for median U.S. stocks, strategists led by David Kostin wrote.
- An equal-weight portfolio of these stocks returned 3% during the 19% rally in since the end of January, versus a flat return for the S&P 500, the report said. These stocks exhibited a 67% correlation with bitcoin in the last six months, according to the report.
- The bank notes that while these stocks are correlated with bitcoin, the cryptocurrency itself has become more correlated with equity index returns in recent months.
- Goldman screened 26 U.S. stocks with blockchain and cryptocurrency exposure, and with market caps greater than $1 billion.
Read more: Goldman: Bitcoin, Altcoins to Become More Correlated With Traditional Financial Market Variables
Більше для вас
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Що варто знати:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
Більше для вас
