Why do those big funds dare to keep buying at this price? Just look at the data and you'll understand.

Metaplanet's operations in Q4 2025 are quite interesting—purchasing 4,279 BTC in one go, spending $451 million, with an average price of $105,412. By the end of December, their holdings had expanded to 35,102 BTC, with a total investment of $3.78 billion, and an average cost of $107,606. Meanwhile, Bitcoin's price increased by 568.2% in 2025.

But what this reflects is more worth pondering than the numbers themselves.

Their actions are not about bottom-fishing or short-term trading. Essentially, they treat Bitcoin as a long-term core asset allocation. Short-term price fluctuations? They simply don't care.

There's a harsh truth behind this: the real cost has never been the price itself, but whether you've caught the train.

Retail investors are still waiting for "lower" prices, while institutional positions have long been locked in tightly. Whenever the price makes people hesitant, it's exactly the opportunity for big funds to quietly add to their positions. By the time you finally confirm the trend and make up your mind, the cheap chips in the market are already gone. The position you're hesitating over is precisely where they dare to hold heavy.