#比特币机构配置与囤积 Seeing Cathie Wood's latest insights, combined with on-chain data, here are several key signals from this cycle:

**The Practical Significance of Liquidity**
During the 1011 flash crash, BTC exhibited the strongest liquidity relative to other assets. This reflects the true attitude of institutional allocation—being the preferred entry tool, BTC's resilience under extreme market conditions is indeed more prominent. Meanwhile, other tokens experienced deeper declines, fundamentally indicating differences in risk weighting.

**The Three Layers of Institutional Allocation**
From her asset allocation perspective, positioning BTC as the monetary system, ETH as infrastructure, and SOL as consumer applications, there is a comprehensive institutional risk layering behind it. This framework aligns with the traditional financial FOF (Fund of Funds) approach—core underlying assets must be the most consensus-driven assets.

**The True Variable Lies Here**
The key is not whether a bottom has been reached, but when major traditional institutions like Morgan Stanley and Bank of America will officially allocate via ETFs. This is the core variable that will determine the next flow of capital. Currently, crypto-related assets account for about 12-13% of the ARK portfolio, indicating that even with a bullish outlook, the overall institutional allocation remains relatively conservative.

From an on-chain perspective, it is worth continuously monitoring the movements of these large institutions rather than overemphasizing short-term sentiment fluctuations.