#比特币机构配置与囤积 Seeing the allocation moves of listed companies this week, I was reminded of the crazy rally in 2017. Back then, institutions were still on the sidelines, retail investors were chasing highs, and it ended in chaos. This time is different—MSTR invested another $960 million to continue accumulating, and Twenty One Capital listed with 43,500 BTC. What does this indicate? It shows that institutions have already regarded Bitcoin as a regular asset on their balance sheets, not just gambling chips.

Key details are worth pondering. ProCap increased its holdings to 5,000 BTC, emphasizing "treasury stability" and "capital structure efficiency." This is financial language, meaning that institutions are using rational valuation logic rather than FOMO mentality. Hyperscale Data is even more remarkable—reserving $34 million for DCA to continuously expand, which is a typical long-term allocation strategy, similar to how institutions historically allocated gold.

However, a new development in this expansion is thought-provoking: ETH and FIL are beginning to enter the spotlight. Republic Technologies increased its ETH holdings and even provided financing support, while Shuntai Holdings directly used FIL as collateral for mining. I saw similar multi-asset allocation attempts in 2018; most of them dispersed at the time, but this time is different—these are all listed companies with transparent accounts and significant survival pressure, so they won't act recklessly.

From a cyclical perspective, this marks a turning point from "presence or absence" to "diversification" in institutional allocation. The bottom phase usually looks like this—first, big players quietly accumulate, then institutionalized inflows, and finally market consensus. History tells me that when an asset class shifts from "investment product" to "asset allocation tool," the game rules have changed. The current question is not whether Bitcoin will rise, but where the ceiling of institutional allocation lies.