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Analysis: The era of BTC against banks is coming to an end, and trillion-dollar financial institutions are accelerating their embrace of crypto assets

According to CoinDesk, as Wall Street and global financial institutions accelerate their entry into the digital asset space, the boundaries between traditional finance (TradFi) and decentralized finance (DeFi) are gradually blurring. Bitwise CEO Hunter Horsley stated, "The era of 'going long on Bitcoin and shorting bankers' is over," as financial institutions are turning to the other side of the crypto industry, promoting the adoption of digital assets.Hunter Horsley mentioned that this summer, two financial institutions managing over $1 trillion in assets approved the launch of crypto products in a bear market environment, indicating that large institutions are expanding channels for clients to access digital assets. "This year, everyone is wearing the crypto industry's jersey. Now, everyone is working for the crypto industry," Horsley said. He pointed out that these financial institutions, which manage over a trillion dollars in client assets, previously would not have opened related services during the downturn of the crypto market in 2022, but now they are actively embracing this field.Sygnum Chief Investment Officer Fabian Dori also believes that the relationship between banks and the crypto industry has undergone a structural change. "The past trades of 'going long on Bitcoin and shorting bankers' are over; banks have shifted from resisting digital assets to building, supporting, and distributing digital assets through custody, tokenization, and compliant trading." This change is primarily driven by growing customer demand and gradually clarified regulatory rules, rather than short-term market cycle changes.Anchorage Digital CEO Nathan McCauley stated that over the past two years, its client structure increasingly reflects the trend of integration between traditional finance and crypto finance. Large financial institutions typically choose to collaborate with specialized crypto infrastructure companies rather than building their own technology systems.In recent years, more and more financial institutions have entered the crypto space, including Swissquote, DBS, BBVA, BNY Mellon, Credit Suisse-related institutions, as well as Morgan Stanley and Charles Schwab.

The next Ethereum upgrade "Hegotá" has entered the planning stage, with 66 EIPs competing for a spot in the 2027 hard fork

Ethereum developer Toni Wahrstätter posted on the X platform that Ethereum core developers are planning the next annual upgrade "Hegotá," with 66 Ethereum Improvement Proposals (EIPs) currently on the candidate list. Future core developer meetings will screen these proposals to finalize the upgrade content that can be implemented, tested on the development network, deployed on the test network, and has the potential to go live in 2027. Proposals that do not make it into Hegotá will be postponed until the next hard fork, making the current screening process significantly impactful for Ethereum's future development direction.Currently, FOCIL (Fork-Choice Enforced Inclusion Lists) has been identified as one of the important upgrade contents for Hegotá. Developers believe that combining framework transactions (EIP-8141), keying Nonce (EIP-8250), and root references (EIP-8272) will help build native privacy capabilities, allowing privacy applications to operate without relying on third-party intermediaries. Additionally, enhancing scalability is also a crucial direction for Hegotá. Developers propose that it is necessary to prepare for a future increase in the Gas limit to 600 million by repricing data resources (EIP-8131, EIP-8279) and state growth costs (EIP-8368). Although these improvements are not as intuitive as privacy features, they are considered key work to promote Ethereum's scalability in the short term.Other candidate upgrades include shorter block times (EIP-8198), adjustments to the issuance mechanism (EIP-8363), anti-correlation penalty mechanisms (EIP-7716), EVM optimization and simplification, as well as discussions on the first EIPs related to zkEVM and quantum-resistant cryptography. It is reported that Hegotá cannot incorporate all the features the community expects, and the core team needs to make trade-offs between "future vision" and "near-term deliverable upgrades," with most candidate EIPs likely not making it into this upgrade. Currently, it has been 256 days since the launch of the current Glamsterdam upgrade, with the goal of completing deployment by the end of this year. Hegotá is planned to go live in 2027, and in the coming months, core developers and the community will discuss the priorities of various EIPs. Community opinions will still play a role in the screening process, and participants who support or oppose a certain EIP entering Hegotá can present their views to the core development team through public discussions.
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