Just caught something interesting in Goldman Sachs' latest crypto holdings report. Looks like they completely dumped their XRP and Solana ETF positions in Q1 — we're talking a full exit from both, which is wild considering they were among the first institutional players to load up on those when the ETFs launched last year. That tells me those were probably just exploratory plays rather than real conviction bets. The crypto news around altcoin ETF adoption clearly didn't pan out the way they expected. What's more telling is what they kept. They're still sitting on over $715 million in Bitcoin ETF exposure through iShares and Fidelity products, even after trimming by about 10%. Bitcoin's clearly the only crypto asset they're treating as a core holding. But here's where it gets interesting — while they were cutting back on direct ETF exposure to digital assets, they actually increased positions in crypto infrastructure plays. They pumped up Circle by 249%, Galaxy Digital by 205%, and added to Coinbase and Robinhood. Sounds like their thesis shifted from betting on the assets themselves to betting on the companies building the ecosystem. They also reduced mining and infrastructure stocks, which suggests they're skeptical on that angle. The whole move reads like a sophisticated investor reassessing the crypto landscape — keeping Bitcoin as the anchor, but rotating away from altcoin ETFs and toward the infrastructure plays that benefit from institutional adoption. Pretty revealing about where Wall Street thinks the real opportunity is right now.