According to CoinDesk, Bank of America has granted some of its clients the ability to trade bitcoin futures. This is a sign of the increasing push by institutions to enter the cryptocurrency market.

CoinDesk reported that the second-largest US bank in assets has been cautious in dealing with cryptos. However, it has allowed some clients to access the market due the large margin required to trade futures. According to another source, BofA clients are preparing to trade futures bitcoins. Some may have even started trading.

According to an Insider memo, Bank of America launched a cryptocurrency research group, in order to address institutional interest.

Candace Browning (head of global research), stated that cryptocurrencies and digital assets are one of the fastest-growing emerging technology ecosystems in a memo dated July 8, addressed to Merrill Lynch Wealth Management employees, partners, and associates.

Goldman Sachs has increased its presence on the bitcoin market through offering non-deliverable futures. This derivative is tied to bitcoin’s value and pays out in cash. Bloomberg reported this in May.

BofA’s move to bitcoin comes as the market value for global cryptocurrencies drops to $1.3 trillion, from a peak of more than $2.4 billion in May. This was largely due to a bitcoin selloff. Bitcoin fell below $32,000 on Friday, and was heading toward its worst weekly performance for more than a year.

Due to regulatory headwinds from China, the US and others, the crypto market has struggled. Federal Reserve Chairman Jerome Powell stated this week that the US wouldn’t require stablecoins or cryptocurrencies if its central bank issued its own digital currency.