#比特币机构配置与囤积 Seeing Strategy sweep over 20,000 Bitcoin for two consecutive weeks, my mind flashes back to that cycle in 2016. Back then, institutions were still on the sidelines, retail investors were panicking and selling off, while the real players had already begun to lay low. History never repeats exactly, but it often rhymes.

Looking closely at this set of data, Strategy's cost basis is quite interesting—an average of $74,972. Now, they are adding more at $92,098. What does this indicate? Institutions are no longer betting on a rebound; they are defining the bottom. When the price rises, they still dare to add 10,000 coins a week, and the logic behind this is very clear: they have already seen through the falsehood of this round of FUD.

I have experienced many stories of "institutions fleeing," from Mt. Gox's bankruptcy to regulatory panic. Every time, someone says Bitcoin is finished, and institutions will exit. But from 2017 to now, the pattern is cruel—institutions never panic at the bottom; they add to their positions. Those loudest voices during fearful moments are precisely the windows where the smartest money quietly enters.

Strategy's performance in December is like a timeline proof: increasing holdings amid deep FUD. Every time in the past decade, such actions have signaled something. I am not predicting rises or falls, but reminding of a repeatedly validated rule—when big institutions speak with real money, the market narrative usually begins to reverse.