TradFi giants approve crypto products, ending 'long bitcoin, short bankers' era
Prefer us on GoogleTwo financial institutions managing over 1 trillion dollars each approved crypto products this summer, indicating a shift in large firms' approach to digital assets during a bear market. Bitwise CEO Hunter Horsley stated that these institutions are now expanding crypto access for clients. He noted that such firms were not opening access during the 2022 downturn. Sygnum Chief Investment Officer Fabian Dori confirmed that banks have transitioned from resisting digital assets to enabling them through custody and regulated trading, driven by client demand and clearer regulations. Early adopters included Swissquote, DBS, BBVA, and BNY Mellon, with more banks like St.Galler Kantonalbank and Santander entering the space in 2023. Anchorage Digital CEO Nathan McCauley highlighted the growing partnership between large financial firms and specialist providers, suggesting a convergence of traditional and decentralized finance. Despite this expansion, the market's character remains unchanged, with institutionalization adding infrastructure without altering crypto's reflexive trading nature.
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