#比特币机构配置与囤积 Seeing Strategy buy more than 10,000 BTC for two consecutive weeks, I have to say—this is the true logic of institutional allocation.

Remember the panic sentiment from a while ago? Whenever there was a slight movement in the crypto market, people started to bearish, retail investors followed suit and sold off, while institutions quietly accumulated. From early December until now, Strategy has increased holdings by over 21,000 BTC, with an average cost price stable between 90,615 and 92,098—what does this indicate? It shows that they simply do not care about short-term fluctuations; they are voting with real money.

Comparing this to my own past operations, I recall those days driven by FOMO. Buying in when prices rise, panicking and selling when FUD spreads. These institutions' approach is completely opposite—they buy more when prices are low, and increase holdings when panic spreads. They hold 671,268 BTC, with a total cost of $50.33 billion, and an average cost of $74,972. What does current price level mean to them? Risk doesn’t really exist.

The true investment logic is like this—long-term cycles, large amounts, and not being driven by short-term emotions. The biggest mistake retail investors make is mistaking their risk tolerance for value judgment, then selling at the worst times. Looking at these data, I am even more convinced of one thing: to survive long in this circle, you must learn to think in the same direction as institutions, rather than being controlled by the anxiety of being cut out.