#比特币机构配置与囤积 Seeing Strategy invest nearly $1 billion more in Bitcoin, my first reaction isn't excitement but calmly asking myself a question: Are institutions really accumulating Bitcoin, or are they creating a false impression during the accumulation phase?

The pitfalls I've encountered over the years tell me that the story of institutional allocation is often the most confusing for retail investors. Looking at the data mentioned in the news—Strategy's per-coin cost is $74,972, and the current price is $92,098—there's indeed a significant unrealized profit. But the key point here is that the cost structure of institutional holdings is different from ours. They can accumulate in batches at lower prices over a span of years, while most of us are entering FOMO.

Cathie Wood said Bitcoin is the preferred choice of institutions and that the market has bottomed out. That sounds comforting, but what I care more about is another detail: when will traditional giants like Morgan Stanley and Bank of America truly start large-scale ETF investments? Right now, we're only talking about possibilities; the real flood of funds hasn't arrived yet. Don't let the narrative of "institutions are optimistic" cloud your judgment.

Having gone through countless cycles, I've learned one crucial thing: institutional accumulation of Bitcoin is a long-term strategy, but that doesn't mean they won't adjust in the short term. They have the chips to dump and shake out retail investors, then gradually move higher. Instead of following the actions of institutions, it's better to ask yourself three questions: Where is your cost basis? Can you withstand the decline? Are you truly investing or just gambling on a rise?

Institutions are playing a big game; our job is to protect our principal, not to be dazzled by shiny data.