In the past three months, the net inflow into US spot Bitcoin ETFs has surpassed $400 billion. The source of these funds is quite interesting—401k retirement accounts, various pension funds, large-scale funds. The logic of these institutional investors is actually quite simple: they don't care about high or low prices; they care about the right direction.

What does $400 billion mean? This money doesn't bargain or ask, "Will I get trapped if I enter now?" The investment cycles of 401k and pension funds are ten or twenty years. Short-term price fluctuations are simply not a consideration for them. They demonstrate one thing through their actions: when your time horizon is long enough, volatility becomes noise.

Looking at retail investors, they are still entangled in the question of whether it's a bear or bull market. Meanwhile, large funds have already started preparing for their 2026 layout. This isn't some mysterious investment secret; it's just a cognitive gap caused by the time dimension.

I often say: don't fight the trend. When smart money already believes in a soft landing and is optimistic about the AI productivity revolution, individual judgment isn't that critical. Instead of trying hard to prove how accurate your judgment is, it's easier to follow the footsteps of big funds.

Ultimately, patience is about using time to digest uncertainty. This $400 billion inflow is essentially using time to exchange for certainty.