#比特币机构配置与囤积 Saylor's recent moves are worth paying attention to. From the release of Tracker information to the next day's disclosure of increased holdings, this pattern of timing has been repeatedly validated by the market. The statement on December 14th about "returning to more orange dots" combined with "continuing to accumulate until market complaints stop" essentially confirms that another round of accumulation is brewing.

From an on-chain perspective, this reflects not only the configuration trend of a single institution but also the microcosm of the entire institutional BTC allocation cycle. Strategy, as a component of the Nasdaq 100, is still increasing its holdings, indicating that institutional confidence in the long-term value of BTC remains intact, even as MSCI and market observers question the sustainability of its business model.

The key signal is: as long as the market continues to complain, large-scale accumulation will not stop. This means that as long as there are differing opinions in public discourse, the betting on the capital side continues. In the short term, there may be pressure for index adjustments, but from the whale holdings perspective, there are no signs of weakening institutional building-up. Future updates related to Tracker and actual announcements of Strategy's increased holdings will serve as hard indicators to verify the true direction of capital flow.