#比特币机构配置与囤积 After reviewing Cathie Wood's latest statements, several signals are worth noting.

First is from a liquidity perspective — during the 1011 flash crash, Bitcoin demonstrated the strongest liquidity, which became an advantage under extreme stress testing. Institutions prefer assets with ample liquidity when choosing entry points, reducing slippage risk for large trades. This explains why, during market panic, Bitcoin becomes the preferred anchor asset for institutional allocations.

Second is the classification of allocation tiers. BTC, as a representative of the global monetary system, ETH positioned as infrastructure, and SOL targeting consumer applications — this framework clearly reflects the roles of different assets within institutional portfolios. ARK's current 12-13% crypto exposure, mainly through stock investments (Coinbase, Robinhood, etc.), indicates that traditional financial institutions are still exploring entry methods.

The most critical variable is whether major financial institutions (like Morgan Stanley, Bank of America, etc.) will officially allocate Bitcoin via ETFs. This is not just a product-level innovation but a signal of large-scale institutional capital inflows. Once this gate opens, on-chain fund inflow data will immediately reflect the change.

At this stage, my focus is on: net inflow data of institutional wallet addresses, changes in BTC outflows from exchanges, and the frequency of large OTC trades. These indicators can more intuitively reflect whether institutional allocation actions have truly begun.