Increasing holdings in Bitcoin and similar news may seem lively at first glance, but what is their real utility? The basic use of contracts is limited; instead, the mid-term cost support is what the market references.

Essentially, the process of buying is a continuous cycle of fundraising → investment. Smoothness always takes precedence over minor cost differences. When market conditions are poor, institutional operations will play a more significant role than passive tools like ETFs—here, the fundamental difference in perspective lies in the different nature of capital.

Only assets as large-scale as Bitcoin can support this set of game rules. From a long-term view of the liquidity injection cycle, achieving a win-win situation for both the crypto market and the stock market is not difficult. However, retail investors rarely participate in pure secondary leverage gains of BTC, and they can't stand the boredom—this is the harsh reality.

The key judgment is: when market liquidity improves, the secondary market of the stock market essentially becomes leveraged Bitcoin. This is the key to understanding the entire cycle.