“Institutional crypto trading fell apart after a series of high-profile U.S. bank failures in March, according to blockchain intelligence platform…”
“Though all three firms fell for different reasons, the effect of their downfall was the same: crypto businesses were left strained for options to access US dollar liquidity, and many were forced to find banking support offshore.”
A look at how the traditional finance (TradFi) space (and its associated failures) played a significant role in hamstringing institutional crypto investing. US Banking Crisis Destroyed Institutional Crypto Trading: Chainalysis - Decrypt