December started quiet, then got loud fast. Three of Wall Street’s biggest names told their people to put crypto in client accounts. The same week, a White House money guy said more rate cuts are coming. Meanwhile, Elon Musk might be about to sell stock in the world’s most famous rocket company.
Here’s what moved the needle this month so far.
December Dips, April Rises
Here’s a little pattern we’ve seen a few times since 2018: December tends to be rough, April tends to rip. It’s not every year, not like a rule, but enough times that it’s worth knowing. This December fits the script. Prices are down from October highs. People are nervous. Volume is thin.
Many times, we have seen January and February recover nicely. New money from bonuses hits accounts. Firms that sat on the side in Q4 start making moves. By March and April, things warm up. Not a promise, just a thing we’ve seen a bunch of times.
The firms that move now, while it’s quiet, tend to get better prices than those who wait for proof. That’s always been true. It’s also true that when three of the five biggest wealth firms just gave their staff the green light to talk about crypto with clients, things may tend to move up.
Vanguard Ends Its Crypto Holdout
On December 2nd, Vanguard changed its mind. For years, the firm said it would never touch crypto ETFs. Then it gave 50 million clients access to them through its system.
Vanguard manages $11 trillion for investors. That’s more money than the GDP of every country except the US and China. When a firm that size enters crypto, it matters. The firm said client demand drove the choice. People kept asking for crypto, and Vanguard kept saying no. Now they’re saying yes.
This isn’t Vanguard making its own crypto ETF. They’re just letting clients buy the ones that exist. A small shift in method, a massive shift in stance. One year ago, Vanguard’s CEO called crypto “not right for serious money.” Today, 50 million people can add it to their accounts.
Bank of America Makes the Same Call
Same day. Bank of America told its 15,000 wealth advisers to start talking crypto with clients. Not “maybe think about it.” Not “here’s some ideas.” Clear green light: put 1% to 4% of client money in crypto ETFs.
The memo went out on December 2nd. It names the ETFs: BlackRock, Fidelity, Bitwise, Grayscale. It says clients should know prices swing hard, but it also says crypto fits in a mixed account now. That’s a Bank of America Chief Officer saying it, not some crypto influencer on YouTube.
Bank of America fought crypto for years. Their people couldn’t talk about it. Clients who asked got shut down. Now they’re not just open to it – they’re telling staff to bring it up. That’s a complete turn in less than 12 months.
Morgan Stanley Led the Way
Morgan Stanley moved first, back in early November. They told staff that growth accounts could go up to 4% in crypto. This is the same logic as Bank of America: use the ETFs, know the risks, make it part of the portfolio.
Three of the five biggest US wealth firms all said the same thing in six weeks. Vanguard, Bank of America, Morgan Stanley. Combined, they touch tens of millions of clients and manage more than $15 trillion.
This isn’t about price. Bitcoin hit $126,000 in October, then fell to $92,000. These firms made their calls while prices dropped. They’re not chasing a pump. They’re making a call on the asset class itself.
What the Data Shows
Coinbase put out an analysis this month looking at money flow. M2, which tracks cash in the system, sits at $22.3 trillion. That’s up $1.2 trillion from last year. More cash in the system tends to push people toward risk assets. Bitcoin falls in that group.
At the same time, people are selling less. Long-term holders, the ones who bought years ago and sat through every crash, are holding tight. Their sell rate dropped to the lowest point in two years. When old hands stop selling, it tends to mean the bottom is in.
Mix that with fresh money from the big firms, and you get a setup that looks more like 2020 than 2022. Not a promise, just a pattern.
The Fed Cut Rates Again
On December 10th, the Fed cut rates for the third time this year. That same day, Bitcoin ETFs pulled in $220 million. Rate cuts make cash worth less over time. When that happens, people look for places to put money that might grow faster than prices rise.
The link isn’t hard math. Lower rates don’t make Bitcoin go up on its own. What they do is change how people think about holding cash versus taking risks. Crypto lives in the “take risk” bucket. When rates drop, that bucket gets more looks.
The Fed chair, Jerome Powell, said more cuts might come if the data backs it up. Markets heard “might” as “likely.” Bitcoin moved from $91,000 to $95,000 in 48 hours after the news hit.
The Big Picture
Three huge wealth firms gave crypto the nod. The Fed made money cheaper. Data shows less selling and more cash in the system. None of this makes crypto prices go up by magic, but it does show the shift from “should we?” to “how much?”
For years, the fight was about whether Bitcoin belongs in real accounts. That fight is over. Vanguard was the last big name saying no. Now they’re saying yes. The new fight is about how much and which coins.
At BostonTrading, we got in ten years ago, when the crypto stuff was still niche and weird. We built the COIN method to sort through projects effectively, and find the ones that work. Now Bank of America, Morgan Stanley, and Vanguard are trying to play catch-up. They’re late, but they’re here.
When the old guard joins the new wave, things tend to move fast. We’re watching closely. The upcoming 2026 could be big.
Looking Ahead
Prices are down from their October levels. Vanguard just opened the doors. Bank of America told 15,000 people to start the chat. Morgan Stanley moved first. The Fed keeps cutting rates. Long-term holders aren’t selling. More cash is in the system.
None of this means that crypto prices will double in the next few months. It does mean the setup looks better than it did in 2022 or 2023. The old guard is in. The money is moving. The rules are getting clear. People who wait for perfect news tend to buy at the top.
We’re here for the long game. We always have been. If you’ve been on the fence, now’s a good time to look again. The worst of the year is likely behind us.
Major Headlines This Week
SpaceX Eyes Record IPO
Elon Musk’s SpaceX is planning a 2026 IPO that could raise over $30 billion at a $1.5 trillion value. That would beat Saudi Aramco’s 2019 record by a billion dollars. The push comes from Starlink, SpaceX’s web service, which is set to bring in $15 billion this year and $22-24 billion next year. The timing could slip to 2027 based on market terms, but the plans are real. Musk posted about it on X this week.
BlackRock Files for Staked Ethereum ETF
The world’s biggest money manager just filed with the SEC for a new Ethereum ETF that will stake coins and pass the yield to buyers. Called the iShares Staked Ethereum Trust ETF (ticker: ETHB), it will stake 70-90% of holdings while keeping the rest liquid for trades. This sits next to BlackRock’s current $11 billion Ethereum fund but adds 3-5% yearly yield from staking. Coinbase will hold the coins, and the fund will trade on Nasdaq. The SEC’s new boss, Paul Atkins, seems more open to staking than the last guy, Gary Gensler.
Australian Bitcoin Group Fights Back at Media
The Australian Bitcoin Industry Body filed a complaint against ABC News after a story said Bitcoin has “no useful purpose” and linked it to money crime. The ABC writer, Ian Verrender, didn’t mention that Bitcoin is now BlackRock’s biggest money maker through its spot ETF. The ABIB says the story breaks ABC’s own rules by using old myths and skipping facts about real uses. This comes as Australia rolls out new crypto laws that could add AU$24 billion to the market each year while making things safer for users.
That’s it for 2025. We’re heading into the holidays and taking a break to spend time with family. If you are celebrating this season, we hope it’s a good one. Either way, here’s to a strong 2026.
We’ll see you in January with the next update. Till then, don’t panic, stay informed, and HODL.
Happy New Year.
– JB
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