Analyst Explains How JPMorgan, Vanguard and BoA “Absorbed” Bitcoin in Nine Days
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A new analysis from author and market commentator Shanaka Anslem Perera is catching attention from the crypto community.
Perera argues that between November 24 and December 2, 2025, the world’s biggest financial institutions executed a set of moves that effectively pulled Bitcoin into the center of traditional finance.
“In 216 hours, they captured Bitcoin.”
Four Giants, One Week, and a Very Clear Shift
Here’s what happened during that nine-day stretch.
JPMorgan filed new leveraged structured notes tied to BlackRock’s IBIT ETF.
Vanguard ended its long anti-crypto stance and opened its entire $11 trillion platform to Bitcoin, Ethereum, XRP, and Solana ETFs. Bank of America gave 15,000 financial advisers the green light to recommend 1-4% Bitcoin allocations starting January. Goldman Sachs bought Innovator Capital Management for $2 billion.
Taken alone, each headline is big. But together, Perera says the timing “approaches statistical implausibility.”
These firms control more than $20 trillion, and they all moved toward Bitcoin within the same week.
As Institutions Built, Retail Stepped Back
While Wall Street positioned itself, retail investors were heading for the exit.
November saw $3.47 billion in spot Bitcoin ETF outflows – the largest monthly withdrawal on record. IBIT alone lost $2.34 billion as investors sold below cost basis.
Meanwhile, sovereign wealth money was flowing in. Abu Dhabi tripled its Bitcoin holdings that same quarter. Perera describes it as the transfer from “weak hands” to “strong hands”.
The Absorption Started With ETFs
Perera points back to January 2024, when Bitcoin ETFs were approved. That turned Bitcoin from a self-custody asset into something advisors, banks, and brokerages could plug directly into their systems.
Since then, the infrastructure has only expanded.
Nasdaq moved to raise IBIT’s options limit by 40x, giving banks the hedging tools needed for structured products. JPMorgan’s new notes offer 1.5x upside with a 30% downside barrier – effectively turning Bitcoin into a yield-style product.
Vanguard’s reversal and Bank of America’s distribution network completed the mainstream funnel.
The Pressure on MicroStrategy’s Model
Another part of the shift is happening. MSCI is set to vote on excluding companies with more than 50% of assets in crypto – a direct blow to Strategy Inc. (formerly MicroStrategy), which sits around 90%.
That exclusion could force $2.8B-$11.6B in selling.
Volatility Is the Last Barrier
Bigger IBIT options limits allow market makers to mute volatility through hedging. Lower volatility brings in pensions, insurers, and large wealth managers.
Regulatory clarity under the Trump administration – from the GENIUS Act to the push for a Strategic Bitcoin Reserve – accelerated this shift.
But the MSCI rule creates tension, since Trump-linked companies also hold large Bitcoin treasuries.
“Bitcoin Was Not Defeated. It Was Captured.”
Perera’s broader point is that the economics around Bitcoin have migrated.
ETFs now dominate ownership, most users pick convenience over custody, and the profits, fees, and flows sit inside Wall Street’s machinery.