Goldman Sachs (GS +1.19%) just gave crypto investors one of the clearest institutional signals of the year, and, somewhat surprisingly, it wasn’t a bullish endorsement of the usual suspects. The bank’s Form 13F from Q1 2026, which discloses positions as of March 31, shows it fully liquidated its holdings in both XRP (XRP +1.98%) and Solana (SOL +1.35%) exchange-traded funds (ETFs), while also slashing its Ethereum (ETH +1.80%) ETF exposure by roughly 70%. It also opened a new position in a digital asset treasury (DAT) company that’s accumulating Hyperliquid (HYPE +7.30%), a popular decentralized crypto exchange for trading crypto derivatives.

Goldman’s moves here aren’t random trims. The reshuffling of the roster maps to a changing set…