#Strategy加码BTC配置 Buffett's cash reserves have hit a new high—381.7 billion—and he has been reducing his holdings of US stocks for 12 consecutive quarters. This signal is worth pondering.

On the surface, it might indicate waiting for lower prices. But the deeper logic is even more worth considering: US Treasury yields have become a heavy burden on fiscal policy, the absolute dominance of the US dollar is loosening, and the risks of overvalued AI concept stocks in the US stock market are uncertain—no one can guarantee their safety.

The attractiveness of traditional asset pools is declining, which is a fact. Capital is seeking new safe-haven tools. Over the years, institutions and savvy investors have quietly been laying out another path—the digital assets. Bitcoin is increasingly seen as an option to hedge against inflation and currency devaluation, not just a speculative tool. At the national and large corporate levels, asset allocations are quietly being adjusted.

Behind this accumulation of cash, there may be two possibilities: one is waiting for further adjustments in traditional markets to seize new opportunities; the other is that the successor team is quietly changing their investment philosophy, diversifying assets to hedge against single-market risks.

The following points are of reference for ordinary people:

• Be cautious with overvalued US stock targets; don’t rush to chase high prices
• Keep sufficient cash reserves and safe assets (such as gold) as a defensive line
• Gradually establish exposure to core assets like Bitcoin and Ethereum through legitimate crypto ETFs and derivatives
• Continuously monitor US Treasury yields, the US dollar index, and capital flows in crypto ETFs, as these are market sentiment indicators

⚠️ Risks always exist, and the volatility in the crypto market is especially large. Any decision should be based on your own risk tolerance—rationality first, returns second.

Short-term market sentiment may fluctuate, but the macro logic remains unchanged. Digital assets have evolved from niche experiments into part of institutional asset allocation. Understanding the actions of big capital often allows you to seize opportunities more accurately than following the crowd.