Crypto Biz: Bitcoin pumps, Wall Street does the paperwork

The rebound narrative is shifting from price action alone to the infrastructure layer—stablecoin issuance and capital-markets mechanics are becoming the visible drivers of institutional engagement. This matters because it frames recovery as a structural process rather than a speculative spike, which could influence how risk is assessed across the ecosystem. The open question is whether this paperwork phase translates into durable liquidity or remains a cyclical echo of past rallies. Watch whether the convergence between Wall Street's operational needs and onchain activity deepens beyond headline listings.