The trend in the traditional asset management industry has changed.

On December 2, 2025, Vanguard, managing $11 trillion in assets, made a decision to allow its more than 50 million clients to trade spot Bitcoin ETFs and other cryptocurrency funds on its platform. What does this number mean? It's more than Japan's GDP for a year.

It is important to note that Vanguard has always been cautious about crypto assets in the past. This recent decision to open the floodgates is not a spur-of-the-moment decision by some executive, but rather a natural reaction after market demand has reached a critical point. Institutional funds have been pouring into the ETF space crazily over the past two years, and retail investors are also asking, "Why can other platforms buy this, but I can't?"

Some say this is "surrender," but I think it resembles more of an acceptance of reality—Bitcoin is no longer the novelty that only circulated in geek circles. When one of the largest asset management companies in the world begins to embrace it, the boundaries between traditional finance and the crypto world are becoming blurred. This trend cannot be reversed.

#数字资产市场观察 $ETH $ASTER