Bitcoin, as a representative of encryption currencies, is undergoing a profound transformation. This digital asset, once considered a rebel of the financial system, is now gradually integrating into the arms of Wall Street. In this transition, BlackRock's iShares Bitcoin Trust (IBIT) plays a key role.

As Wall Street gradually takes control of the pricing dominance of Bitcoin, we have seen a significant change in the landscape of the cryptocurrency market. In the past, the price of Bitcoin was mainly driven by the enthusiasm of overseas trading platforms and retail investors. However, now it is increasingly being priced and traded within the US financial system. The emergence of IBIT has not only changed the trading model of Bitcoin but also reshaped its pricing logic.

As the largest Bitcoin ETF in the world, the influence of IBIT cannot be underestimated. The assets under its management have reached an astonishing $86 billion, and the total amount of outstanding contracts for related options has surged to about $34 billion this year, with an average daily trading volume of $4 billion. This makes IBIT the core engine for risk pricing in the encryption market.

The rise of IBIT marks a fundamental shift in the structure of the encryption market. It has given birth to a thriving options market, providing institutional investors with a new avenue. Through this market, investors can trade and manage risks of Bitcoin without directly touching the underlying assets. This innovative trading method has attracted the attention of a large number of institutional investors, and the number of institutional holders of IBIT has nearly doubled since the end of last year.

For institutional allocation managers, these compliant local tools open up new possibilities. They enable institutional investors to shift from purely passive investment to more active trading strategies, viewing Bitcoin as a risk exposure that can be effectively managed.

The case of Galaxy Digital further confirms Wall Street's growing influence on the cryptocurrency market. This trend indicates that traditional financial institutions are gradually accepting and integrating encryption assets, bringing new momentum and opportunities to this market that was once regarded as alternative.

With the continuation of this trend, we may see further maturity and stability in the Bitcoin market. However, this raises a question: will Bitcoin lose its original decentralization concept? Regardless, this 'marriage' between Wall Street and Bitcoin is undoubtedly reshaping the future of the entire encryption cryptocurrency ecosystem.