Two financial institutions managing more than $1 trillion each approved crypto products this summer, signaling that large firms are still widening client access to digital assets even in a bear market. Bitwise CEO Hunter Horsley said the move shows banks and wealth managers have shifted from debating whether crypto should exist to helping distribute it, though Bitwise did not identify the firms or say what the approvals cover or when client access begins. Sygnum Chief Investment Officer Fabian Dori said the change is structural rather than cyclical, with client demand and clearer rules pushing banks into custody, tokenization and regulated trading. Anchorage Digital CEO Nathan McCauley said major financial firms increasingly rely on specialist providers, while real-world assets moving onchain and crypto wrappers from large asset managers point to a deeper convergence between traditional and decentralized finance.