#比特币机构配置与囤积 Seeing Strategy buy another 10,645 Bitcoin in one go this week, the scale of their holdings still so aggressive. A position size of 671,268 coins, with a total cost of $50.33 billion—there's a logic behind this number that I need to carefully analyze.

This reminds me of the cycle in 2017. Back then, institutions were still on the sidelines, while retail investors were frantically chasing higher prices. Ten years later, the roles have completely reversed. Now, institutions are continuously accumulating, and even during flash crashes like 1011, they remain calm and even add to their positions. Behind this resolve is an understanding of Bitcoin’s fundamental nature as an asset class—it’s no longer just a speculative instrument but a new coordinate in the global financial system.

Cathie Wood hit the key point: Bitcoin is the preferred and starting point for institutions entering the crypto space. Looking back at historical cycles, every time major institutions truly step in to allocate, the market’s valuation logic is re-priced. From Goldman Sachs and BlackRock to traditional giants like Morgan Stanley planning to introduce Bitcoin via ETFs—this is not a small matter—it's institutional recognition.

I noticed that Strategy’s average cost basis is $74,972, while the current price is approaching $92,098. This spread not only represents profit but also reflects institutions’ judgment on the market’s future potential. Continually adding at the cycle bottom essentially bets on the continuation of this wave of institutional allocation.

History always has remarkable similarities. The last time such a level of institutional capital influx occurred was in 2020-2021. During that cycle, institutional involvement directly drove Bitcoin from $11,000 to $69,000. The current pace and scale, from some perspectives, are even more deliberate and patient. This time, they are not chasing the rally but building long-term exposure at the bottom.

The question is, how long can this institutional allocation frenzy last? From a capital flow perspective, once the major traditional financial institutions open the floodgates, liquidity will far exceed our expectations. But we must also be clear-eyed about the ongoing market sentiment uncertainty. Flash crashes like 1011 may happen again, but for patient long-term allocators, each crash is an opportunity rather than a risk.

This is the panoramic view I see: the scarcity of underlying assets remains unchanged, institutional demand is rising, and policy recognition is gradually advancing. The top institutions like Strategy and ARK are not engaging in short-term trading—they are writing the story for the next decade.