Goldman Sachs’ Q4 2025 13F filing shows $2.36B in crypto exposure — a 15% quarter-over-quarter increase — despite all the volatility.

Think about that.

Retail got in early. Institutions hesitated.

Now banks are steadily increasing positions while many early adopters sold during uncertainty.

Crypto may be the only asset class where individuals had a head start over Wall Street.

The real question is: who’s accumulating now… and who’s exiting?