Latest Data:

Last week, the net purchase of SBTC by global listed companies was only $70,000,
a 99.93% decrease compared to the previous week—almost as if no one is buying.
More surprisingly,
Strategy directly made "zero moves."
Japan's Metaplanet has also been on the sidelines for 11 consecutive weeks.
Major players are pausing their accumulation, waiting for clearer price/macro signals.
Small-scale companies are still tentatively buying ( or increasing their holdings through financing/acquisition curves ).
Total holdings remain above 1.02 million coins, accounting for about 5.1% of circulating supply.
What does this indicate?
The phase of "mindless BTC hoarding" has ended; companies are shifting from FOMO to disciplined asset allocation.
When even Strategy stops buying,
the market may not have topped out, but it has definitely entered a more cautious, more institutionalized game phase.
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