#比特币机构配置与囤积 After reviewing Cathie Wood's latest views, here are several on-chain signals worth paying attention to:

**Institutional allocation priorities are clear**
BTC, as the most liquid asset in the crypto space, was the first to sell off during the 1011 flash crash but also the first to stabilize. This characteristic determines its fundamental position in institutional asset allocation. ARK currently has a crypto exposure of 12-13%, participating through stocks (Coinbase, Robinhood, etc.), and this allocation logic is worth referencing.

**The real variable lies in traditional financial institutions**
Once institutions like Morgan Stanley, Bank of America, and Wells Fargo officially introduce BTC via ETFs, it will be the key trigger for the next round of market movement. Currently, we are still in the observation phase, and this expectation gap exists.

**ETH and SOL have distinct positioning differences**
Ethereum is anchored as an infrastructure layer, but the commercialization risks caused by L2 explosions need ongoing monitoring; SOL is more about consumer application hosting. The flow of funds between the two should gradually diverge.

The market may have already bottomed out based on the completion of information digestion, but the actual large-scale allocation signals from institutions have not yet been fully reflected on-chain. Recent focus should be on whale accumulation trends for BTC and the fund outflow patterns from major exchanges.