Vanguard Group, a leading asset manager with over $8 trillion in assets under management (AUM), has announced a significant policy change: allowing its brokerage customers to trade certain cryptocurrency exchange-traded funds and mutual funds starting December 2, 2025. This marks a major shift from the firm’s previous cautious approach to cryptocurrencies. Previously, Vanguard restricted access to such products due to concerns about liquidity risks and alignment with long-term investment goals. 2025’s market volatility has further propelled this decision, with recent market fluctuations impacting cryptocurrency prices. The total crypto market cap has fallen significantly since early October 2025, dropping from its peak of $4.2 trillion to the current level of $2.94 trillion.