According to @BullTheoryio, Vanguard has reversed its policy and will allow all clients, including institutions, to trade regulated spot ETFs for Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) from issuers such as BlackRock, Fidelity, Grayscale, VanEck, and Bitwise starting today, opening access across its $11 trillion platform serving 50+ million investors source: @BullTheoryio on X, Dec 2, 2025. According to @BullTheoryio, the catalyst is new CEO Salim Ramji, who previously helped launch BlackRock’s Bitcoin ETF (IBIT) and led the iShares ecosystem, with the author describing this access change as one of the largest institutional signals since ETF approvals source: @BullTheoryio on X, Dec 2, 2025. According to @BullTheoryio, 0.5% of Vanguard’s $11T equals $55B, and the author argues that such a figure would exceed total flows seen during the first year of the 2024 crypto ETF cycle, implying potential for a larger second-wave demand profile across BTC and broader crypto ETFs if allocations occur source: @BullTheoryio on X, Dec 2, 2025. According to @BullTheoryio, BlackRock’s IBIT has grown above $80B AUM, Ethereum ETFs are scaling, and XRP and SOL ETFs have launched, while regulatory clarity has improved as SAB 121 is rescinded and SEC-CFTC coordination increases, alongside bank and broker distribution expanding and structured products from JPMorgan and Morgan Stanley tied to Bitcoin source: @BullTheoryio on X, Dec 2, 2025. According to @BullTheoryio, trading implications include tens of millions of new investors gaining access via Vanguard, institutional accounts sourcing exposure directly, competitive pressure on remaining holdouts, and the potential for billions in incremental inflows from even small allocations, supporting deeper liquidity and legitimacy for BTC and crypto within large portfolios source: @BullTheoryio on X, Dec 2, 2025.