#比特币机构配置与囤积 Saylor is playing this game again. Watching him release tracker information, then the next day disclose increased holdings—I've seen this rhythm back in 2020. Back then, institutional entry was still new; now it has become routine.

What’s truly interesting isn’t how many more bitcoins he plans to accumulate, but the implication behind this statement: "Until the market complaints stop." This isn’t just explaining a strategy; it’s making a statement. Looking back at those cycles in 2015 and 2017, there was always a key point—institutions shifting from tentative to strategic allocations, from cautious to confident. Saylor’s current stance is the signal of that point.

The market is worried about the sustainability of crypto treasury companies like his, with MSCI even considering whether to exclude them from indices. But on the flip side, it’s this kind of skepticism and game-playing that shows institutional bitcoin holdings have become part of the global asset allocation, worthy of formal recognition or rejection. This position itself is very valuable.

The issue is, history shows that when the most influential players start openly accumulating and doing so transparently, it often signals that a price top is near. Not necessarily an immediate drop, but the narrative of endless accumulation usually marks the end of the previous cycle. Just look at the statements from institutions at the end of 2017—the turning point was just around the corner at the most aggressive stage.

The current question isn’t whether he will keep buying, but how much room there still is for market growth.