Major financial institutions, including JPMorgan, Vanguard, and Bank of America, have made significant moves towards Bitcoin between November 24 and December 2, 2025. JPMorgan filed leveraged structured notes linked to BlackRock’s IBIT ETF, while Vanguard opened its $11 trillion platform to Bitcoin and other crypto ETFs. Bank of America has authorized its advisers to recommend Bitcoin allocations. During this period, retail investors withdrew $3.47 billion from Bitcoin ETFs, contrasting with increased holdings by institutional and sovereign wealth funds. These developments, alongside infrastructure expansions like new IBIT options, suggest a shift in Bitcoin's control from retail to institutional investors.