Wall Street Is Rewriting the Rules of Bitcoin Trading

Blackrock iShares Bitcoin Trust ETF (IBIT) signage at the Nasdaq MarketSite in New York in 2024.

Photographer: Michael Nagle/Bloomberg

Wall Street is seizing control of Bitcoin’s center of gravity.

Once ruled by offshore venues and retail-driven fervor, the world’s largest cryptocurrency is now increasingly priced and steered from within the US financial system.