#比特币持仓与投资 Recently, I've observed some interesting changes in Bitcoin's holding patterns and I want to share my thoughts with everyone.

On one side, institutions like Michael Saylor continue to increase their holdings, while on the other side, long-term holders are engaging in an "epic distribution"—it's like the market is conducting a transfer of chips. After the sharp decline in October, a large amount of profit-taking positions chose to cash out, especially those with costs in the 60,000-70,000 USD range, most of which were accumulated before the 2024 election.

But this is precisely what I find most promising! When fear and uncertainty drive some out, more steadfast believers are stepping in. Perpetual contract leverage longs are re-accumulating, and funding rates are rising, indicating that the market still has enough resilience to prepare for a potential year-end rally.

Most importantly, the current Bitcoin chip structure is already roughly balanced, with an accumulation of 2.536 million coins in the 80,000-90,000 USD support zone—this is the strongest support level after this round of decline. Every panic sell-off is actually a new accumulation opportunity; history always completes the transfer of wealth at such moments.

In a decentralized world, no one can stay high forever, and no one will be locked in at the low. Those who adhere to long-termism will ultimately witness the cycle repeat.