Bitcoin’s market “plumbing” is now owned by these major banks that are controlling the price action
Major banks and institutions have taken control of Bitcoin's market infrastructure, shifting access via ETFs and dominating trading volumes.Summary
The crypto market in 2025 is characterized by institutional dominance, a stark contrast to the retail-driven mania of 2021. Exposure now flows primarily through regulated vehicles like spot Bitcoin ETFs, with BlackRock's IBIT holding a significant portion of BTC. Institutional clients account for nearly 80% of centralized exchange trading volume, signaling a shift in market microstructure. Furthermore, the underlying infrastructure, or "plumbing," is now controlled by major banks such as BNY Mellon, JPMorgan, and Citi, which are integrating digital assets through tokenized services and money market funds. The growth area was tokenized Real World Assets (RWAs), like BlackRock's BUIDL tokenized Treasury fund. This institutional takeover means the market is more stable and legible, supported by slower capital from pensions, but it also means the market is controlled by the same institutions dominating traditional asset classes, raising questions about future explosive upside dependent on retail froth.
(Source：CryptoSlate)