Have you noticed something?

In the past ten days, Wall Street’s attitude toward Bitcoin has suddenly changed. It’s not the lukewarm “we’re researching” kind of talk, but real, concrete action.

Vanguard has directly opened BTC channels to 50 million clients—this $11 trillion giant was known for being conservative before. JPMorgan has filed for leveraged BTC notes, Goldman Sachs spent $2 billion to acquire Innovator Capital, and Bank of America is allowing 15,000 advisors to allocate up to 4% of clients’ portfolios to Bitcoin.

These four institutions together manage over $20 trillion in assets.

The timeline is so tight it’s hard to believe this is a coincidence.

Even more interesting is the contrast: in November, retail investors panicked, and ETFs saw a net outflow of $3.47 billion—a record monthly high. But at the same time, these financial giants were busy building infrastructure—they’re the ones taking over.

The chips are flowing from weak hands to strong hands.

There’s also a rule change coming from MSCI that could trigger $11.6 billion in passive selling. Nasdaq increased the IBIT options size by 40 times to smooth out volatility.

So the current situation isn’t that Bitcoin has lost; it’s that the rules of the game are being rewritten. This time, Wall Street is serious.