There is an interesting phenomenon in the recent market. On one side, investors are riding a roller coaster, with extreme emotional swings, screams and cheers echoing one after another; on the other side, a big player is surprisingly calm—regularly, quantitatively, mechanically increasing their Bitcoin holdings, just like buying a bottle of water at a convenience store. The only difference is that the "bottle of water" costs tens of thousands of dollars per unit, and they buy hundreds or even thousands of units at a time.

He has increased his holdings again. When this news broke, I can imagine many people went from initial shock to subsequent excitement, and now to the indifferent "here we go again" reaction. But behind this indifference, there is actually a textbook-level capital operation at play.

Don’t explain all this with "faith"; that’s too romantic and too dangerous. In reality, this is a strategic move based on precise calculations, removing emotional interference. A more accurate term for it is "structural arbitrage"—not arbitraging market price differences, but exploiting the interest rate differential of the era’s trend. The core logic is simple: the traditional financial system inherently has dilution properties (inflation pressure), while digital assets like Bitcoin are absolutely scarce. The "value gap" between the two is both huge and persistent. His strategy is to continuously exchange the former for the latter, gradually narrowing this gap. This is not gambling; it’s moving bricks—just that the scale of the bricks is terrifying.

So the question is: what impact will this continuously draining "deep well" have on our small pond?