#比特币机构配置与囤积 Seeing that Strategy has increased its Bitcoin holdings by 10,645 coins again this week, a few familiar historical moments come to mind.

After the Mt.Gox collapse in 2014, I watched many panic sell, causing the price to drop to a few hundred dollars. At that time, very few dared to hold coins. But it was precisely during those darkest days that true accumulators quietly stockpiled. In the subsequent 2017 bull market, those who held on reaped huge rewards.

Today’s scene is somewhat similar. During the most intense FUD waves, Strategy has been pouring nearly $1 billion into purchases for two consecutive weeks, accumulating over 21,000 coins. This is not a hasty decision but a signal—institutions are voting with real money.

Looking at the data, it’s even more interesting: their average cost basis is about $74,972, while last week’s purchase price has already approached $92,098. What does this mean? Even though the current price has risen compared to a few weeks ago, large institutions still believe it’s worth adding more.

This is not gambling; it’s a deterministic bet based on historical cycles. Every bottom of a bear market is accompanied by such accumulation waves. Institutional funds tend to have a better sense of the market than retail investors—they are greedy when fearful, and fearful when greedy. What we are seeing now is precisely this cycle’s turning point—only a few can accurately identify its arrival.