According to Eric Balchunas, Vanguard currently leads in assets under management (AUM) across most major investment categories, including mutual funds, passive strategies, equities, bonds, global markets, and real estate, but is second to BlackRock in ETFs and third in active management (Source: Eric Balchunas, Twitter, May 15, 2025). Market data suggests Vanguard is projected to overtake BlackRock in ETF AUM within 12 to 18 months, reinforcing the growing dominance of passive investment vehicles. For crypto traders, this shift signals increased institutional acceptance of index-based strategies, which could drive more inflows into crypto ETFs and related blockchain assets as mainstream adoption accelerates. The changing landscape may also influence liquidity and volatility patterns across both traditional and digital asset markets as ETF competition intensifies.