#比特币机构配置与囤积 Seeing Wood's latest perspective, I paused to think for a long time. She said that Bitcoin is the preferred and starting point for institutional entry into the crypto market, and the logic behind this judgment is worth our reflection.

During the flash crash at 1011, Bitcoin had the strongest liquidity, falling first and then dragging down other cryptocurrencies—this is not a disadvantage, but rather demonstrates its "hard currency" attribute. When the market panics, institutions first need to ensure they can liquidate in time, rather than being trapped in assets with low liquidity. In other words, this characteristic of Bitcoin is precisely why it can serve as an anchor for institutional allocation.

But this also reminds us of an important point: position management is always the top priority. The 12-13% allocation in crypto may seem modest, but it reflects a truly prudent mindset. It’s not that Bitcoin’s prospects are poor; even the most promising assets require asking oneself how much volatility one can endure. Will traditional financial giants like Morgan Stanley and Bank of America officially allocate Bitcoin through ETFs? This variable is indeed crucial, but the key is not to follow the trend blindly, rather to observe when this trend will truly materialize.

When the bottom signals are still not clear enough, I prefer to stay patient. The premise of long-term holding must be based on a position that allows you to sleep well at night.