What has happened in the past ten days could rewrite the game for the entire crypto market.

Four financial giants with more than $20 trillion in their hands took action on the Bitcoin market almost at the same time. This is not a temptation, but more like a long-planned harvesting operation.

Pioneer Lead, the $11 trillion asset management giant that once publicly dissed cryptocurrencies as a "speculative bubble", suddenly opened crypto ETF trading rights to 50 million customers. What is said is "passive response to customer needs", but the actual action is not passive at all.

JPMorgan Chase & Co. has made a more ruthless move - launching leveraged bills linked to Bitcoin ETFs. The logic of this thing is very simple: there is no ceiling to the income if you bet right, and the principal may be gone if you bet wrong. Sounds exciting, but the threshold is not low.

Goldman Sachs directly spent $2 billion to acquire ETF issuer Innovator Capital. This is equivalent to winning a highway toll booth that goes straight to retail wallets.

Bank of America is not idle, starting in January next year, their 15,000 wealth advisors can actively advise clients to allocate up to 4% of their assets to Bitcoin. You know, these consultants serve high-net-worth individuals.

What is interesting is the timing. In November, retail investors were panic selling, withdrawing a record $3.47 billion from Bitcoin ETFs in a single month. And these old guns on Wall Street just set up all the pipelines for receiving goods at this time.

This is a typical "weak hand for strong hand". The chips you throw, someone is waiting to pick them up.

But their goal is not just to buy coins and hoard them. What does it mean that Nasdaq has expanded the capacity of Bitcoin ETF options products by 40 times? The volatility of Bitcoin is "ironed" with massive derivatives tools, turning it into a "good boy" in traditional investment portfolios.

Looking at the upcoming MSCI index rule adjustments, it may force $11.6 billion in passive selling. This so-called "stress test" is, to put it bluntly, cleaning up retail investors and making room for institutional players.

Bitcoin is not dead, it is just "recruited".

The seed of rebellion planted by Satoshi Nakamoto is now being transformed by Wall Street into a standardized product that conforms to traditional financial logic. The future of Bitcoin may become more and more like a new asset class tamed by rules and priced by giants.

The era of retail investors is coming to an end, and the era of institutions has arrived.