JPMorgan has introduced a new structural note product linked to BlackRock's spot Bitcoin ETF (IBIT), specifically designed to align with Bitcoin's four-year halving cycle. The banking giant is structuring these derivatives to allow clients to gain exposure to the asset class's cyclical performance without direct custody or spot market interaction. This product launch indicates a growing appetite among traditional financial institutions for sophisticated crypto-derivatives that go beyond simple directional exposure. By tying the notes to the halving cycle, JPMorgan is institutionalizing a narrative that has historically been the domain of crypto-native traders. The introduction of such structured products suggests that major banks are becoming comfortable packaging volatility and cyclical trends into investable formats for their wealth management clients, further bridging the gap between Wall Street and the crypto ecosystem.