It is said that recently the cryptocurrency world has been staging a 'Wall Street drama'. JPMorgan has just submitted an application to the SEC to launch leveraged Bitcoin-backed notes, and as a result, the Bitcoin community immediately erupted: many BTC supporters believe — this is not innovation, it is 'suppressing competitors with sneaky operations'!
Some netizens directly expressed their anger: Is JPMorgan secretly 'manipulating the rules of the game', giving Strategy and Digital Asset Reserve Companies (DATs) a backstabbing competition?
This blame is not lightly thrown, but it's not without basis.
After all, just recently, JPMorgan launched a structured note linked to the Bitcoin ETF by BlackRock, specifically designed to fit the 'BTC four-year halving cycle'...
Isn't it a coincidence? Don't you think it's too 'in tune with the market'?
(It's no wonder that people in the crypto circle are starting to doubt...)
However, from the perspective of research and investment, this does reveal several signals:
Traditional financial institutions are accelerating their narrative takeover of the crypto market.
In the past, the institutions that criticized Bitcoin harshly are now charging in one after another, with the speed of product listings even catching up to the issuance speed of on-chain MEME.The emergence of leveraged BTC products will further enhance the 'Wall Street-style financial leverage effect.'
This could be a double-edged sword for price volatility:
— When it rises, it soars to the sky;
— When it falls... you know what I mean (splat).The entry of giants like JPMorgan will squeeze the survival space of smaller crypto companies.
This is also why Bitcoin enthusiasts feel that 'you are playing by rules we cannot afford to play.'
Overall, regardless of the truth of this matter, it indicates one thing:
Bitcoin has officially become the core asset of Wall Street's games.
In the future, policies, products, and capital movements will become increasingly tied to BTC, and the crypto circle, which was once rich in grassroots culture, will slowly be reshaped by 'financial engineering.'
So, this time when JPMorgan is questioned about 'manipulating the rules,' it's not important;
The important thing is:
They have really started to play BTC seriously, and this game has mostly just begun...
