#比特币机构配置与囤积 Seeing Strategy has increased its Bitcoin holdings by 10,645 coins, totaling nearly $1 billion, I immediately thought of the beginning of the institutional entry wave in 2017. Back then, we were still debating whether Bitcoin was a bubble, and now institutions have answered that question with their actions.

Interestingly, the cost per Bitcoin for Strategy was about $74,972, and now the purchase price has surged to $92,098. This continuous pace of accumulation reminds me of the historical patterns of institutional allocation during major cycles— from hesitation to exploration, and then to firm commitment. But this time, the rhythm is much faster.

Cathie Wood’s words hit the key point: Bitcoin is the most liquid asset and the first choice for institutional entry. This is not just a simple investment tip but a reaffirmation of a pattern proven over time— in institutional crypto asset allocation, Bitcoin will always be the foundational asset. From MicroStrategy to major asset management giants, their attitude shift indicates that we are witnessing the transition of institutional allocation from "optional" to "standard."

The period from 2024 to 2025 is particularly interesting. Whether traditional financial giants will officially enter through ETFs could indeed become the next watershed. And those institutions that have been accumulating early, whether strategically or out of necessity, are now in relatively comfortable positions. I have seen this logical cycle in multiple previous cycles.