Goldman Sachs Portfolio Manager Survey Highlights: Geopolitical tensions have emerged as the dominant concern heading into 2026, with nearly two-thirds of respondents—65%—flagging it as the primary risk factor. This finding reflects mounting worries about international conflicts and their cascading effects on financial markets. For crypto investors and traders, such macro volatility often translates into unpredictable asset price movements and increased hedging demand. The survey underscores why savvy market participants are diversifying across asset classes and staying alert to geopolitical developments that could reshape 2026 market dynamics.