Growing involvement of the traditional banking system with the crypto ecosystem raises concerns about systemic risk and financial stability. The “Crypto Winter” of 2022 and 2023 showed that the crypto ecosystem was susceptible to liquidity risk and runs. The paper finds, using time-varying vector autoregressions and long-short term memory multipliers, weak connectedness between cryptocurrencies and globally systemically important banks. The absence of strong linkages suggests limited scope for spillover risks and gives authorities room to strengthen and enhance macroprudential management of crypto ecosystem risks.