#机构投资者加密资产配置 Looking back at these years in the crypto market, it has truly been a rollercoaster ride. Seeing this news about Strategy possibly facing capital withdrawals reminds me of when institutional investors first began to venture into crypto assets. At that time, everyone was filled with curiosity and anticipation for this emerging market, and Strategy, as a publicly listed company indirectly holding Bitcoin, became the bridge for many traditional investors to enter the crypto market.

Today, as MSCI considers removing companies primarily holding encryption assets from its stock indices, we seem to have returned to a crossroads. This makes me wonder: Has the attitude of institutional investors towards encryption assets truly undergone a fundamental change? Or is this merely a normal adjustment within the market cycle?

Historically, every major policy adjustment or market change has triggered a round of reshuffling. However, this is often also the moment when new opportunities arise. For example, after the ICO boom of 2017 subsided, although many projects disappeared, it also paved the way for the rise of DeFi and NFTs.

For the current situation, I believe the key lies in observing the subsequent movements of institutional investors. If they really withdraw on a large scale from companies like Strategy, it may indicate that a new investment cycle is about to begin. Perhaps we will see more institutional products that directly invest in encryption assets emerge, replacing this indirect holding model.

Regardless, as someone who has witnessed multiple market cycles, I want to say that while change can be unsettling, it often breeds new opportunities. The important thing is to stay calm, keep learning, and draw wisdom from history. After all, in this fast-evolving field, the only constant is change itself.