Early morning when I was checking the blockchain, I saw that Strategy was increasing its Bitcoin holdings again, and I immediately jumped out of bed. Does this guy have a grudge against Bitcoin or is he destined to be connected? Now the market is gradually recovering from the turbulence, retail investors are still debating where the bottom is, but they are operating in the opposite direction. Seeing Bitcoin rise by 2 points in the short term, I have to admit that this fluctuation is indeed significant.

There’s quite a lively discussion online. Some say he’s a fool for buying at high prices, while others believe he sees through the long-term trend and is insightful. As someone who has been in this circle for eight years, I dare say the situation is much more complicated than it appears on the surface.

First, a common sense point: The reason why the accumulation actions of top institutions like Strategy can stir the market is not just because they have a lot of money, but mainly because their holding strategies are closely aligned with industry cycles. This time, they didn’t disclose specific numbers for the increase, but the market’s reaction on the charts shows their recognition.

Many people ask: Does institutional accumulation necessarily mean a bullish outlook? Here’s a correction: institutional accumulation has two approaches. One is short-term swing trading, holding for a few weeks before exiting; the other is long-term value investing, with a holding period measured in years. Strategy’s operational track record over the years clearly belongs to the latter.

The data speaks for itself: since their first Bitcoin position in 2021, Strategy has increased holdings a total of 8 times. During this period, the market has experienced both bull and bear markets, but they have never engaged in large-scale selling. The core logic behind this actually reflects a long-term judgment of the underlying value of crypto assets.