#比特币机构配置与囤积 Seeing the news that Strategy has been accumulating over ten thousand bitcoins each week for two consecutive weeks, what comes to mind is the crazy memories of 2017. Back then, institutions were still on the sidelines, while retail investors were frantically chasing higher prices. Now, the roles have reversed—institutions are buying steadily at lows and amid FUD, while most people are still waiting for "lower prices."

What's interesting behind this data is: Strategy's average cost is $74,972, and they are now buying at $92,098, continuing to add to their positions. What does this indicate? It shows that they have long seen through the fact that the bottom window of this cycle is closing. From the end of 2024 to now, Bitcoin has risen from $65,000 to $92,000. Many are still debating whether it's a high point, but the actions of institutions have already provided the answer—they are betting that this is not a high, but the start of a new cycle.

Looking back at history, before every real bull market begins, institutional accumulation follows a similar rhythm: first tentative positions, then accelerating purchases during market panic. The 21,269 bitcoins were cashed out within two weeks, backed by billions of dollars in real money voting. Retail investors look at the price; institutions look at the cycle. Retail investors focus on news; institutions focus on the cycle window.

The current question is not "Will prices go lower?" but rather "How long will this wave of institutional accumulation last?" The answer often becomes clear when the next market consensus shifts.