#比特币机构配置与囤积 Seeing Strategy's continuous large-scale purchases over the past two weeks, what flashed through my mind wasn't excitement, but a familiar déjà vu.

7.1 million Bitcoins, a total cost of 50.3 billion USD — the number itself isn't important; what's important is the cyclical logic behind it. Remember the madness at the end of 2017? Back then, institutions were still on the sidelines, retail investors were begging on their knees. By early 2020, before the pandemic, institutions slowly started to test the waters. And now? The loudest FUD waves are actually the most intense accumulation periods.

In the first two weeks of December, over 21,000 Bitcoins were bought, with the price rising from 90,615 to 92,098. This isn't bottom-fishing; it's a declaration of stance with real money. While most are still debating "Will it drop to 80,000?", institutions have already demonstrated what certainty looks like through their actions.

This reminds me of the patterns in previous cycles: whenever public sentiment is at its most pessimistic, it's often the window for big capital to complete their chip transfers. At the end of 2018 and in November 2022, the pattern was always the same. The patience of institutions and the anxiety of retail investors are always opposite.

The question now isn't whether Strategy will continue buying, but how many institutions are secretly repeating the same story. History doesn't repeat itself, but it always rhymes.