Bitcoin capital markets are forming faster than people think. Bitcoin is developing the early structure of a modern capital market. The signs have been visible for months. CME open interest has held above $6B through 2025, according to CME Group quarterly data, which shows sustained institutional hedging and basis trading rather than short-term speculation. Coinbase Prime reports that more than 70% of trading volume on its order books now comes from professional accounts, a metric confirmed by Kaiko Research. Spot ETF inflows reinforce this trend. Farside Investors tracks cumulative ETF holdings above 1M BTC and daily inflows between $300-500M during mid-2025. When markets absorb that magnitude of demand without structural stress, it signals that Bitcoin has become established institutional collateral. Capital markets develop around assets that can move efficiently, settle reliably, and serve as credible collateral across different forms of issuance. Bitcoin now meets all three conditions. The next step is the emergence of structured issuance and coordinated settlement validated through Bitcoin’s native security model. This is the transition from a traded asset to an integrated financial system.