The Daily: Grayscale predicts new bitcoin highs in 2026, ‘Vanguard effect’ lifts crypto markets, Chainlink ETF debuts, and more

The crypto market rebounded above $3 trillion, with Bitcoin climbing back above $91,000, fueled by the 'Vanguard effect' and rising odds of Fed rate cuts. Grayscale Research published a report challenging the four-year cycle thesis, predicting Bitcoin will reach new all-time highs in 2026, arguing the current market structure, supported by institutional money in ETFs, differs from previous retail-driven cycles. In major institutional shifts, Vanguard reversed its stance to allow clients to trade ETFs and mutual funds holding crypto assets like BTC, ETH, XRP, and SOL. Furthermore, Bank of America will reportedly allow clients to allocate 1% to 4% of portfolios to crypto, ending previous adviser restrictions and beginning coverage of spot Bitcoin ETFs. Grayscale also launched the first Chainlink ETF (GLNK) by converting its Chainlink Trust, citing Chainlink's growing importance for tokenization and DeFi infrastructure. Separately, BlackRock executives compared tokenization's potential to the early internet, and Anthropic warned that advanced AI agents pose an immediate threat to smart contract security.

(Source：The Block)