Goldman Sachs just disclosed $2.36B in crypto holdings.

On the surface, it looks big.
Bitcoin. Ethereum. Even real exposure to XRP and Solana.
But the detail that matters is scale.
This is only 0.33% of a $700B balance sheet.
That tells you exactly what this is.
Not a trade.
Not a bet.
A rehearsal.
Goldman is getting comfortable with custody, ETFs, compliance, and balance sheet optics before size ever shows up. Institutions always move this way. They make sure the rails work before they move real weight.
When the allocation looks boring, the groundwork is already done.
That’s usually when the real move comes.