Vanguard Group has opened a cryptocurrency ETF, which is more significant than BlackRock's initial support for cryptocurrency ETFs. BlackRock is the world's largest asset management company, while Vanguard Group is the world's second-largest asset management company. However, this company has a conservative style and its founder is named John Bogle. It has always emphasized long-term value investing and low-cost index funds. I have never looked up to high-risk and volatile cryptocurrencies such as BTC/ETH. Interestingly, starting from December 2, 2025, the Pioneer platform officially allows over 50 million brokerage accounts (with total assets exceeding $11 trillion) to trade third-party cryptocurrency ETFs and mutual funds (BTC/ETH and other ETF related products). The forced compromise of an asset management company that has never favored encrypted assets is far more shocking to the market than the entry of an asset company that actively embraces encrypted assets. The transformation of pioneers means the fall of the last stronghold of Wall Street. Cryptocurrency assets have officially transitioned from edge assets to mainstream assets. Pioneer supports encrypted assets not because its beliefs have changed, but because of its survival needs. If you don't join, you will face customer churn, such as someone having to switch to other institutions (such as Fidelity/Schwab). So, what does this mean for the cryptocurrency market? At present, Pioneer has 50 million accounts, and according to a relatively conservative allocation of 1% asset allocation, it also means a potential buying demand of at least hundreds of billions of dollars (the actual inflow is still uncertain, there will be a long-term process, and there may only be potential inflows of billions or tens of billions in the early stage). On December 2nd, the increase in IBIT trading volume can also be seen, which has ignited market sentiment today. If the world's two largest asset management companies embrace ETFs for cryptocurrency assets such as BTC/ETH, it will have a profound impact on traditional clients, especially in terms of their perception of cryptocurrency assets. This also includes various banks, such as Bank of America, which recommends that advisors allocate 1-4% cryptocurrency exposure to clients (in sync with Vanguard), and so on, to strengthen the position of cryptocurrency as a "diversification tool" (similar to gold ETFs). That is to say, investment institutions will gradually consider cryptocurrency assets as an investment allocation, which will affect more pension funds/family offices entering the market. In other words, Pioneer not only affects internal customers, but also other institutions, triggering followers. Therefore, this time Pioneer brings not only potential customers from the 50 million accounts, but also potential customers from other institutions.