Brokers Seize Direct Crypto Assets: Wall Street pivots to capture retail order flow and data.
Institutional entities are shifting strategies to reclaim control over the burgeoning digital asset market. The Great Enclosure: Why Wall Street is Cannibalizing Crypto Exchanges to Save Itself Wall Street did not invite crypto in; it is simply closing the gates to keep its $1.67 trillion capital base from leaking out. The era of the "crypto-native" retail exchange is effectively ending as legacy brokerages turn Bitcoin into a commodified line item to protect their massive moats. This is not a story of institutional adoption—it is a story of institutional reclamation. Securing the trading loop is the primary directive for institutions looking to neutralize external exchanges. ⚡ Strategic Verdict The migration of spot trading to legacy brokerages will trigger a permanent compression of crypto e...