#机构采用与配置 Seeing the recent discussions about institutional accumulation, I want to share an observation: what the market is experiencing is not the "top panic" we might imagine, but a deep structural reorganization.

Data clearly illustrates the point—by 2025, retail investors will have exited 66%, while institutional holdings will account for 24%. What does this mean? It signifies a shift in dominance. Even more interestingly, although BTC has fallen 5.4% throughout the year, ETF inflows have reached $25 billion. This seemingly contradictory phenomenon actually tells a story: short-term price fluctuations cannot hide the confidence in long-term allocation.

Institutions continue to build positions at high levels, focusing not on the price itself but on the cycle. This gives me an important reminder: when most are selling, it is often the time to position oneself. But I want to emphasize that understanding this logic does not mean blindly following the trend.

For prudent investors, the key is to do three things well: First, recognize your own position capacity and avoid being swept up by institutional moves beyond your risk tolerance; second, understand that the policy honeymoon period in the first half of 2026 is indeed worth looking forward to, but the uncertainties in the second half also require defensive reserves; third, maintain a long-term mindset, but long-term does not mean passive holding—rather, it involves deliberate, planned adjustments.

Market structure has changed, and old logic will become invalid. But what we need to do is find a new logic that suits ourselves.