#比特币价格走势 Seeing Strategy continuously accumulate over 10,000 bitcoins for two consecutive weeks in December, totaling 21,269 coins, brought to mind the memories of 2017. Back then, it was also a signal that institutions were starting to buy in real money, but the scale and determination were on a different level. What’s different this time is that they increased their positions during the height of FUD, and such contrarian moves often indicate something significant in history.

Strategy’s average cost basis is at $74,972, and now buying at $92,098 is not an aggressive bottom-fishing but a mature investor’s dollar-cost averaging rhythm—maintaining certainty amid uncertainty. Looking at Cathie Wood, although her tone is cautious, the judgment that "the market may have bottomed" combined with her emphasis that Bitcoin is the institution’s first choice, is actually paving the way for larger institutional entry.

The most interesting data comes from CoinShares’ weekly report. Digital asset products have seen net inflows for three consecutive weeks, with the US market alone receiving $799 million last week, including $522 million into Bitcoin. Meanwhile, products shorting Bitcoin have been continuously outflowing. It’s like a vote with funds—institutions’ pessimism is gradually being digested.

But I must be honest: Bitcoin’s performance this year has indeed lagged. The $27.7 billion inflow this year compared to $41 billion at the same time in 2024 shows a significant contraction. What does this reflect? It reflects insufficient incremental growth this year, with existing holdings being fought over. In contrast, Ethereum and Solana have seen substantial year-over-year inflows, possibly indicating a redefinition of market narratives around layer-1 assets.

History tells me that institutional patience and continuous accumulation are often the last straw before a cycle turn. The current situation looks very much like Bitcoin at the end of 2015.