On Tuesday, global markets suddenly reversed.
Bitcoin surged violently by over 6%, reclaiming the 90,000 USD mark, while Ethereum also returned to 3,000 USD. Global risk assets celebrated collectively, and behind all this, a giant that once vowed to 'never touch cryptocurrencies' quietly turned around.
It is Vanguard - the asset management giant known for its conservatism, managing 8 trillion USD and having 8 million loyal customers.
Just on Tuesday, Vanguard suddenly opened trading channels to customers: allowing the purchase of BlackRock Bitcoin ETFs and other crypto asset funds on its brokerage platform.
Once the news broke, the market instantly exploded.
BlackRock's Bitcoin ETF (IBIT) saw over $1 billion in trading volume within 30 minutes of opening, causing Bitcoin to surge. Bloomberg analysts bluntly state: 'This is the 'Vanguard effect'—any shift from this giant can create a tsunami.'
It should be known that Vanguard has long regarded cryptocurrencies as 'speculative goods' and resolutely banned them. Founder John Bogle's 'long-termism' philosophy was once its moat against the crypto craze. However, this time, the moat has collapsed.
Why the change of heart?
1. Clients vote with their feet: BlackRock's Bitcoin ETF surpassed $10 billion in just 7 weeks, with funds flooding in. Vanguard's clients keep asking, 'Why can't we buy?'
2. Competitors crushing: long-time rival BlackRock is grabbing attention and funds with its Bitcoin ETF, with a scale exceeding $70 billion. If Vanguard does not take action, clients may be lost.
3. The 'betrayal' of the new CEO: Vanguard's current CEO, Salim Ramji, was once a BlackRock executive and a long-time believer in blockchain. Once he took office, the internal iron curtain quietly loosened.
4. The market teaches a lesson: Bitcoin ETF has survived the test of a crash, the regulatory framework has matured, and it is no longer a 'marginal asset'. Vanguard executives finally admit: 'crypto products have been validated by the market.'
But Vanguard's compromise still carries pride:
· Only open to third-party crypto ETF trading, absolutely no self-promoting products.
· Prohibition of leveraged and inverse crypto products
· The stance remains: 'We only provide a channel, please invest cautiously.'
This is not just a business adjustment, but a seismic shift in ideology.
The thirty-year 'duel' between Vanguard and BlackRock has thus entered a new stage:
· BlackRock is 'Shu': product-first, embracing all opportunities. From ESG to Bitcoin, if we do it, we will be the strongest 'shovel seller'.
· Vanguard is 'Dao': cost-first, focused on index funds. Over 80 ETFs vs. BlackRock's over 400, extreme low fees are its belief.
When 'Dao' is forced to bow to 'Shu', it signifies one thing: in the face of overwhelming demand, no one is an unshakeable giant.
The market has already voted with money: Bitcoin is not a flash in the pan; it is being rapidly integrated into the global asset allocation landscape. Vanguard's 8 million clients will become the potential wave of the next crypto tide.
This late-opening may just be the beginning.
The turn of the giant is always slow, but once it begins, it signifies a real change in direction.#美联储重启降息步伐 
