A recent analysis by market commentator Shanaka Anslem Perera has captured the attention of the cryptocurrency community. Perera contends that between November 24 and December 2, 2025, significant financial institutions executed strategic moves that effectively integrated Bitcoin into the realm of traditional finance. He claims that in just 216 hours, these firms succeeded in “capturing” Bitcoin.
During this crucial nine-day period, a series of impactful developments transpired. JPMorgan initiated new leveraged structured notes linked to BlackRock”s IBIT ETF. Meanwhile, Vanguard reversed its long-standing anti-crypto position, extending its $11 trillion platform to include Bitcoin, Ethereum, XRP, and Solana ETFs. Additionally, Bank of America empowered 15,000 financial advisors to start recommending Bitcoin allocations of 1-4%, set to begin in January. Lastly, Goldman Sachs acquired Innovator Capital Management for $2 billion.
Individually, each of these actions is significant. Collectively, Perera argues that the timing of these moves is statistically improbable. The four financial giants involved control over $20 trillion in assets and all pivoted towards Bitcoin within the same week.
As Wall Street positioned itself to capitalize on Bitcoin, retail investors appeared to retreat. November marked a record $3.47 billion in outflows from spot Bitcoin ETFs, with IBIT alone experiencing a withdrawal of $2.34 billion as investors sold below their cost basis. In contrast, sovereign wealth funds began to increase their investments; for instance, Abu Dhabi reportedly tripled its Bitcoin holdings during that quarter. Perera describes this phenomenon as a transfer from “weak hands” to “strong hands.”
The absorption of Bitcoin can be traced back to January 2024 when Bitcoin ETFs were approved. This pivotal change allowed Bitcoin to transition from a self-custody asset to one that advisors, banks, and brokerages could easily incorporate into their systems. The infrastructure supporting this integration has only grown stronger, with Nasdaq significantly increasing IBIT”s options limit, providing the necessary hedging tools for structured products. JPMorgan”s new notes offer a 1.5x upside while maintaining a 30% downside barrier, effectively transforming Bitcoin into a yield-oriented product. The reversal by Vanguard and the distribution network from Bank of America have completed the mainstream funnel for institutional investment.
Another noteworthy development is the potential pressure on MicroStrategy”s business model. MSCI is slated to vote on a proposal to exclude companies with over 50% of their assets in crypto, which could severely impact MicroStrategy, currently holding around 90% of its assets in cryptocurrency. This rule change could trigger a sell-off estimated between $2.8 billion and $11.6 billion.
Volatility remains a significant barrier to broader institutional adoption. Enhanced IBIT options limits enable market makers to mitigate volatility through effective hedging. Lower volatility is likely to attract pensions, insurers, and large wealth managers. Additionally, regulatory clarity during the Trump administration—highlighted by initiatives like the GENIUS Act and the push for a Strategic Bitcoin Reserve—has accelerated this institutional shift. However, the MSCI rule presents a conflict, as companies with substantial Bitcoin treasuries are also linked to Trump.
Perera concludes that while Bitcoin has not been defeated, it has been absorbed into Wall Street”s ecosystem. The landscape now reflects a significant shift in the economics surrounding Bitcoin; ETFs have come to dominate ownership, and the preference for convenience over self-custody is evident, with profits and fees increasingly flowing through traditional financial systems.
