#比特币机构配置与囤积 Seeing Wood's discussion, what flashed through my mind was the scene from the 2017 bull market. Back then, we were still debating whether Bitcoin was truly a currency, and institutions avoided it like the plague. Now, the situation has reversed—institutions are actually using Bitcoin as a "gateway" into the crypto world—what a huge shift in narrative over the past ten years.

The flash crash on 1011 reminded me of several key moments: the 2018 bear market, the COVID-19 pandemic shock in 2020, and the chain of liquidations in 2022. Each time, Bitcoin was the most liquid asset, the first to be hammered down, and the fastest to rebound. This is not coincidence but a reflection of the evolution of the market ecosystem. Institutions have entered, retail investors are still the same, but traffic is no longer evenly distributed.

The most interesting point she mentioned is the variable—whether traditional financial giants like Morgan Stanley and Bank of America will officially allocate Bitcoin through ETFs. I have experienced many such "critical points," and each time traditional finance officially enters, it rewrites the subsequent market rhythm. What’s different this time is that infrastructure is already mature, the narrative has been discredited, and only time remains.

The positioning of Bitcoin, Ethereum, and Solana is very clear—global currency, institutional infrastructure, consumer applications. The competitive logic of these three tracks is completely different. I see the market finally beginning to differentiate rationally. It’s no longer a zero-sum game of all-or-nothing like before. The market may really have bottomed out, but hitting the bottom doesn’t mean the starting point. The future trend depends on when those large institutions will truly take action.