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Goldman Sachs Conducts First Over-the-Counter Crypto Trade With Galaxy
Michael Novogratz's Galaxy says it's building on the relationship with Goldman as more Wall Street clients seek to push into cryptocurrency trading.
Updated May 11, 2023, 4:35 p.m. Published Mar 21, 2022, 12:34 p.m.
Goldman Sachs, the Wall Street heavyweight, completed an over-the-counter (OTC) cryptocurrency-related trade with the digital-asset financial company Galaxy Digital, in a transaction that the firms are characterizing as a first.
- New York-based Galaxy disclosed the trade in a press release on Monday. The transaction was described in the statement as a bitcoin (BTC) non-deliverable option, a type of cash-settled cryptocurrency options trade.
- "This marks the first OTC crypto transaction by a major bank in the U.S. as Goldman Sachs continues expanding its cryptocurrency offerings, demonstrating the continued maturation and adoption of digital assets by banking institutions," Galaxy said.
- The deal represents the continuation of Galaxy's relationship with Goldman Sachs, according to the statement.
- In March of last year, CoinDesk reported that Goldman Sachs reopened its crypto trading desk after a three-year hiatus, under growing demand from institutional clients.
- Last June, Galaxy announced that it would serve as Goldman's liquidity provider for bitcoin futures block trades on the CME exchange.
- Earlier this month, CoinDesk reported that Goldman was offering interested clients access to an ether (ETH) fund issued by Galaxy. Galaxy founder and CEO Michael Novogratz worked at Goldman for 11 years, according to a bio on his company's website.
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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.
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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.
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