#比特币机构配置与囤积 Seeing Wood's recent discussion on institutional allocation, I felt a familiar sense. I experienced a similar scene during the 2013 cycle—back then, everyone was still debating whether Bitcoin was a bubble, and now institutions are rushing to allocate. History always seems to go in circles.

The flash crash of 1011 is actually a very good observation window. Bitcoin has the strongest liquidity, is sold off first, yet its decline is actually the smallest. I've seen this logic more than once. When retail investors panic, large funds often start building positions. In comparison, smaller altcoins suffer even worse declines, which shows that institutions are well aware—they only want Bitcoin.

The real turning point isn't in the price itself, but in the decisions of traditional financial giants. Once Morgan Stanley, BofA, UBS, and others officially introduce Bitcoin through ETFs, the game changes. This isn't speculation; it's a systemic recognition of asset allocation. I witnessed a similar critical point in 2017—before and after institutional recognition, the market's nature was completely different.

From this perspective, it's not about bottoming out now, but about the allocation window. The biggest difference between missing this cycle and the last isn't in returns, but in the pattern—one is retail frenzy, the other is institutional layout. History tells me that the latter has greater sustainability.