#比特币机构配置与囤积 Seeing Cathie Wood's recent commentary, I have to admit that this is the first time I see a clear understanding of crypto investing.

Over the past two years, I've suffered losses on-chain, and the biggest lesson is that I couldn't distinguish between genuine demand and the narratives pushed by whales. Bitcoin being repeatedly emphasized by institutions as the "global monetary system" and the "preferred entry point" is no coincidence— the logic behind institutional allocation is completely different from retail traders chasing rallies and panic selling. They want the most liquid and risk-controlled assets. During the 1011 flash crash, Bitcoin's decline was smaller than other coins, which indicates what? It shows that the real bottom-finders are the wealthy, not those shouting in our Telegram groups.

Ethereum and Solana are respectively positioned as "infrastructure" and "consumer applications," and this framework is particularly worth pondering. I used to be dazzled by various L2 projects, but I was confused by the risks of commodification. Now I understand that institutions simply won't bother with these concept tokens—they only care about the real capacity and long-term sustainability of the ecosystem.

The most critical point is whether traditional banks will officially enter the market through ETFs—that's the real variable that can change the game. Not some project team's press release, not KOL hype, but decisions at the financial system level. I've seen too many false bottoms and rebounds that break new lows; if institutional funds don't really come in to support the bottom this time, no matter how cheap it is, don't rush to go all-in.

Maintain your mindset, stay focused on the right direction, and wait for genuine signals.