#机构投资者入场 Reflecting on the rise and fall of projects over the years, I can't help but feel that institutional investors' entry indeed brings significant impact to the industry. Take MicroStrategy as an example; its massive Bitcoin reserves once caused concern among many. However, a closer look at its financial situation reveals that such worries are unnecessary. The company has ample cash on hand, no significant short-term debt pressures, and more importantly, its leadership's firm belief in Bitcoin. This reminds me of past bull and bear cycles; whenever the market is turbulent, some people always predict doom for various "whales," but ultimately, these fears prove to be unfounded. Of course, institutional entry also introduces new challenges, such as stricter regulations and changes in market structure. But in the long run, this may be an essential step toward industry maturity. History tends to repeat itself, and wise individuals can learn lessons from it to seize opportunities amid change.