#比特币机构配置与囤积 Seeing Cathie Wood's recent views, I was reminded of the 2017 bull market scene. Back then, institutions were still on the sidelines, but now they have become the market's stabilizing force. This time is different.

The flash crash of 1011 actually confirms a pattern I've observed over the years — Bitcoin is always the most liquid and the first to be hit. This is not a weakness; rather, it shows how clear its role and position are. Institutions are not betting on coins; they are allocating an asset class. I've seen too many projects disappear during bear markets, but Bitcoin always survives, and does so more steadily.

The key variable now has emerged — when will large traditional financial institutions officially enter? If players like Morgan Stanley and Bank of America heavily allocate Bitcoin through ETFs, it's a big deal. This means the entire industry chain, from hedge funds to pension funds, will need to adjust. I've experienced the 2013 altcoin craze, the 2017 ICO frenzy, and the 2018 bear market squeeze — each cycle's trigger point was driven by changes in institutional behavior.

The bottom signals are much clearer now than before. Not because the technology is more impressive, but because institutional attitudes have shifted. Bitcoin has transformed from gambling to an asset allocation option — a leap in scale. While the stories of Ethereum and Solana are also evolving, they are not as certain as Bitcoin — one faces the risk of infrastructure commodification, and the other is still validating the feasibility of consumer applications.

What truly matters is not how high this rebound can go, but when institutional funds will follow in. This will determine where the next cycle's ceiling lies.