#大户持仓变化 Black Monday is here, Bitcoin drops below $86,000, Ethereum cannot hold above $3,000. The screen flickers with glaring red, many retail investors start to cut positions and sell off.

But if you look deeper, you'll see another picture — whales are疯狂扫货.

Itaú (Brazil's largest asset manager) publicly announces plans to allocate to Bitcoin; MicroStrategy continues to buy tens of thousands of BTC; MetaMask is expanding support for the Bitcoin ecosystem. Meanwhile, JPMorgan is issuing an Ethereum-based currency fund, and BlackRock is steadily increasing its holdings through ETFs. These actions are clearly not short-term speculation — they are strategic布局.

"Retail investors crying, institutions laughing" — why is this happening?

The key lies in macroeconomics. The Bank of Japan is very likely to raise interest rates this week, with a 98% probability. This means the long-standing yen arbitrage trades are about to reverse — some funds are forced to withdraw from risk assets, and low-interest yen financing triggers a chain of sharp drops.

But this doesn't change the long-term logic.

In the short term, the market is driven by emotions and liquidity, leading to violent swings. Funds that truly understand value always look for opportunities amid volatility. When everyone is noisy, the direction is often the clearest.

Is this the moment to follow the panic and buy the dip, or to stay calm and observe, thinking about an exit strategy when others are most afraid? $BTC $ETH