High-speed trading giant Tower Research Capital has joined Citadel Securities in “bulking up its bets on cryptocurrencies,” it was reported by Bloomberg, citing a leak from an anonymous source.

One of Tower Research Capital’s trading groups has “increased capital allocation to its crypto trading book,” and upgraded its crypto market making infrastructure, the source told the financial newswire.

Wall Street is quietly ramping up its support for bitcoin and crypto as the Trump administration promises to open up access to bitcoin trading and crypto markets, rolling back Biden-era restrictions and fast-tracking legislation that will rewire the financial system.

Last week, Wall Street giants that manage a combined $10 trillion on behalf of clients are predicted to “open for business” on bitcoin this year, allowing advisors to recommend bitcoin ETFs to clients for the first time.

The dozen U.S. spot bitcoin ETFs, which rocketed to assets under management of more than $100 billion last year, pulled in almost $2 billion last week, according to data from SoSoValue, marking a return to growth after a recent period of outflows that mirrored the stock market’s volatility.

“The flows are back in a big way,” BlackRock’s head of digital assets, Robert Mitchnick, said during a recent bitcoin and crypto conference panel discussion, it was reported by The Block.

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However, the market momentum seems to have fallen away over the last week, with the bitcoin price surge that propelled it to near $100,000 failing to carry it over the psychological barrier.

“Bitcoin has rallied 25% over the past month, supported by aggressive ETF inflows and institutional spot buying,” Markus Thielen, the chief executive of 10x Research, said in an emailed note, pointing to “weak funding rates” and “mounting” macro pressures as reason the bitcoin price rally may be fading.

“A potential consolidation is forming near the $95,000 level as traders await new catalysts. This is not a time for blind risk-taking but tactical positioning with well-defined exposure.”