#比特币机构持仓 Saylor is signaling again, this time with an update on the Bitcoin Tracker. Those familiar with his tactics know that this is basically an implicit hint that MicroStrategy will continue to increase its holdings. As of the 14th, they have accumulated over 670,000 coins, with a total cost of 50.3 billion yuan, and an average cost of 75,000 yuan per coin.

What I want to say is, don’t be dazzled by this news. Institutional holdings can indeed reflect some information, but you need to understand the underlying logic — players like Saylor hold large positions and have pricing power, but their pace and reasons for increasing holdings may not be signals that retail investors should follow. Many people see big players accumulating and naively think that copying their moves will make money, but often they end up getting caught.

The key is to ask yourself a few questions: What is the cycle of institutional accumulation? Are their costs the same as yours? Can they withstand the same level of drawdown? Big players can use time to buy space; what about retail investors? This difference determines how you should operate.

Instead of obsessing over others’ holdings data, it’s better to focus on understanding the risks you can bear. The long-term approach of institutions is correct, but that doesn’t mean short-term follow-the-trend is right. People who last long are never those who chase hot trends.