#比特币机构配置与囤积 Seeing Strategy accumulate over ten thousand more Bitcoins for two consecutive weeks brings a familiar wave of emotion. This is nothing new, but every time I see such data, it feels like flipping through a repeatedly played historical script.

I remember back in 2016, institutions were still on the sidelines, and individual investors were arguing fiercely on forums. By 2020, Grayscale started large-scale accumulation, and at that time, many people were still mocking, "Why would institutions buy this stuff?" Now, institutional allocation has long become the market's basic structure. Strategy's actions are just a microcosm of this larger trend—continuing to add positions at an average price of over $90,000 per Bitcoin—what does that mean? It indicates that at the current price level, institutions still see this as a worthwhile allocation.

With an average cost of $74,972 and a total of over 670,000 Bitcoins accumulated, this scale is no longer just a financial investment; it’s strategic reserves. I’ve seen too many projects and cycles and know what such continuous actions from institutions usually imply—they are voting with real money. Even after being deeply immersed in FUD, they continue to buy. This kind of resolve doesn’t appear out of nowhere; it’s backed by confidence in the long-term value of the asset.

But this time, I want to remind everyone: history won’t repeat exactly, but the rhyme is always similar. How far institutional accumulation enthusiasm can go depends on whether the market can break through the current cognitive ceiling.