"Bitcoin was just captured"… Analysis of Wall Street's 288-hour operation

Source: BlockMedia Original Title: “Bitcoin was not defeated, it was just ‘captured’… Wall Street’s 12-day operation” Original Link:

Wall Street’s 288-Hour Bitcoin Capture Operation

Famed crypto trader Merlin recently claimed that Wall Street executed “the most organized operation since the 2008 financial crisis” in the recent movements of the Bitcoin market.

He analyzed that the series of events from late November to early December were not coincidences, but a thoroughly calculated “taming of Bitcoin.”

Just 288 Hours: The Four Financial Giants Strike

According to Merlin, Wall Street absorbed Bitcoin—the hardest asset on earth—in just 12 days (288 hours) from November 24 to December 6, 2025. The moves of institutions managing over $20 trillion in assets unfolded simultaneously, like a well-choreographed dance.

JPMorgan applied for a Bitcoin product featuring 1.5x bullish leverage and 30% downside protection.

Vanguard completely lifted its long-standing ban on Bitcoin investments for its 50 million clients.

Bank of America approved its 15,000 advisors to recommend up to 4% Bitcoin allocation in client portfolios.

Goldman Sachs announced the acquisition of Innovator Capital Management, an ETF operator, for about $2 billion—a move to join the digital asset ETF boom.

( When Retail Sold, Whales Bought… “Not Volatility, but Conquest”

Merlin focused on the hidden capital flows unseen by the public. While bad news and fear dominated the surface, massive transfers of ownership occurred behind the scenes.

In fact, in November, retail investors dumped a record $3.47 billion out of fear. $2.34 billion was redeemed from BlackRock’s spot Bitcoin ETF.

However, during the same period, Abu Dhabi tripled its Bitcoin holdings, and JPMorgan—which had issued warning reports to the public—instead increased its spot ETF holdings by 64% quarter-over-quarter, buying $340 million worth.

Merlin commented, “JPMorgan was issuing warnings while simultaneously launching products to capture directionless capital,” emphasizing, “This isn’t just volatility, it’s an asset conquest.”

) Integration into the Establishment, or the Taming of the Wild

These movements are interpreted as the process of domesticating Bitcoin as part of institutional portfolios.

Nasdaq expanded the spot ETF options limit 40-fold, up to a maximum of 1 million contracts.

MSCI is set to hold a vote on January 15, 2026, to exclude companies with high Bitcoin exposure from its global index.

Affected companies are facing $1.16 billion in forced selling pressure.

Merlin pointed out, “With Nasdaq’s options expansion, Bitcoin’s volatility can now be structurally suppressed.” An asset created to eliminate intermediaries is now under the control of intermediaries.

The Revolution Has Not Stopped

He emphasized that Bitcoin’s essence—the code—remains unchanged, the supply cap holds, and the network is still robust. However, the flow of economic benefits is now moving upstream to Wall Street, rather than to individual investors.

Merlin added:

“The Bitcoin revolution has not been blocked. It has simply been thoroughly monetized by Wall Street.”