#机构采用与配置 This report from Citigroup is very interesting and worth a careful read. Lowering target prices may seem pessimistic, but in fact it reflects Wall Street's process of returning from frenzy to rationality — this is not bearishness, but a more pragmatic attitude.

Remember the 2017 bull market? When institutions entered, everyone was talking about the ceiling, but after the 2018 crash, many exited. This time is different. Citigroup maintains a positive outlook on the industry while lowering the valuations of some stocks, indicating they are doing something more important: screening and allocation. This is a sign of maturity for large institutions.

Circle's target price was lowered from $243, but analysts still list it as a top pick, and the logic behind this is worth pondering. The status of stablecoins is changing; although USDC faces competition, its ties to traditional finance won't break in the short term. The statements from BLSH and COIN are more explicit — "increased institutional investors" and "traditional finance participation" — these are signals of institutional adoption.

Compared to chasing gains and cutting losses, I pay more attention to this line: the institutional allocation cycle is forming. 2021 was driven by retail enthusiasm, while 2024 marks the beginning of structural institutional deployment. The target price adjustments are just phase feedback within this larger cycle, not the end. MicroStrategy dropping from $485 to $325 still hints at doubling, which shows Wall Street's long-term view of Bitcoin hasn't changed; they are just recalculating the entry rhythm.

History tells us that every time major institutions truly place bets, they go through such a "rational phase." Patient investors will see different results.