The Absorption: How Traditional Finance Captured Bitcoin in 216 Hours
"Between November 24 and December 2, 2025, the three largest financial institutions in the United States executed a synchronized strategic pivot that terminated Bitcoin’s sixteen-year existence as an alternative monetary system. Within this 216-hour window, JPMorgan Chase filed leveraged structured notes linked to BlackRock’s Bitcoin ETF, The Vanguard Group reversed its categorical opposition to cryptocurrency exposure for its $11 trillion platform, and Bank of America authorized 15,000 wealth advisers to recommend Bitcoin allocations. Goldman Sachs simultaneously acquired Innovator Capital Management—the pioneer of defined-outcome ETF structures—for $2 billion.
The probability of four such announcements clustering within nine calendar days, absent coordination or shared catalytic inputs, approaches statistical implausibility. This analysis does not argue that explicit collusion occurred between these institutions. Rather, it demonstrates that the convergence reflects something more consequential: the activation of a structural absorption mechanism that traditional finance deploys against any asset class that achieves sufficient scale to threaten its intermediation franchise....."
https://substack.com/inbox/post/180576552
