$2.3 billion in positions is just a small-scale trial for Goldman Sachs. But given that Bitcoin's market cap is nearly 6 times that of Ethereum, yet they still give ETH a nearly equivalent exposure, this detail is more telling than the total amount. During the deleveraging cycle, ETH's decline was even smaller than BTC's. This kind of structural preference is hard to say is purely passive allocation. When traditional asset managers start expressing their stance on 'weight distribution,' the real change in the market might not just be the price. From: @0xNancyshi