Looking at BTC's recent gains, many people are cheering, but I have to be honest—there may be hidden risks beneath the surface prosperity. Last night, I monitored the market and institutional movements all night and identified two signals worth warning about.

First, Tesla recently liquidated $3 billion in assets to raise cash. What does this move mean? In the capital world, cash is the reserve for winter. When leading companies start to significantly raise cash, it indicates they are preparing for upcoming volatility. This move by Musk is unlikely to be random—his sense in the capital circle has always been sharp.

The second signal is more direct. BlackRock has paused new subscriptions for Bitcoin spot-related products. As the world's largest asset manager makes this decision, it must have been based on in-depth analysis. Previously, they actively applied for these products, seeing market opportunities; now, hitting the brakes suggests they have reassessed and believe that current risks outweigh the returns. It's like a captain seeing an iceberg and slowing down early to adjust course, rather than charging straight ahead.

An important logical point here is: changes in institutional positions are a reliable indicator of the true market trend. Retail investors look at technicals and sentiment, but big funds focus on long-term risks. When they start "packing up for winter," retail investors are still rushing in to be the "bag holders"—this mismatch is most likely to lead to losses.

So rather than being fooled by short-term gains, it's better to pay more attention to the real actions of institutions. Risk often approaches quietly when you're feeling most optimistic.