This is a trend I have been watching for a while, but I don't think it means what the first impression implies (e.g. crypto is becoming less popular). Instead, I would say this: Banks have a talent problem. What I am seeing is a giant sucking sound of talent out of banks. Essentially, anyone who is an intern that cares about crypto and technology just doesn't go to a bank at all now. Those who believe in the space are simply going there. The banks don't get a look. I talk to multiple banks and the absolutely incorrect and insane takes I still get from people who work there (90% of bitcoin holders are criminals, Tether doesn't have reserves and it's all fake, deposit tokens are less risky than t-bills, etc.) show you that none of these people have ever worked in the space because many of the things they are saying are demonstrably false. Or, hilariously (as I pointed out to someone at a large bank who said the BTC thing to me), they are saying tons of their own clients (who own BTC ETFs) are criminals and thus the bank itself is committing massive AML/KYC violations knowingly? It's a mess. But what is happening is young people hate banks, and the banks are increasingly out of touch with what is going on, moving from 1 generation to 2 generations to 3 generations behind on their understanding of technology. That is what ultimately will have to be fixed by many banks, or they will eventually die off, living in a world (like late night TV) where every year, the average customer gets one year older, until there are no customers left...