#比特币投资布局 After reviewing this week's data, there are a few details worth following.

Strategy invested $960 million to increase its holdings by 10,624 bitcoins last week, with an average price of $90,615. This action itself is not considered aggressive, but in conjunction with the pace of increasing holdings by over 200,000 coins throughout the year, it shows that institutions are systematically positioning themselves. Their average price has risen from $74,696 at the beginning of the year to the current level, indicating that they are continuously entering the market even at high levels—this attitude speaks volumes.

I agree with the views of Bloomberg analysts – the analogy between Bitcoin and the tulip bubble is indeed unfounded. The tulip bubble completely vanished after its three-year cycle collapsed, while Bitcoin has gone through 6-7 rounds of deep corrections and repeatedly reached new highs. The survival cycle of 2017 itself is the best proof. Last year it rose by 122%, and even if it remains flat for the whole year this year, the long-term annualized return is still around 50%.

From the perspective of on-chain capital flow, this wave of institutional accumulation is not a retail FOMO-style takeover, but rather a layout with clear cost control. The difference between the holding cost and the current price is narrowing, which indicates either they have a judgment on the subsequent price or they are preparing for long-term holding.

The key at the moment is to observe the subsequent movements of whale addresses - if the accumulation pace is maintained, this will validate the positioning of "value assets" from a data perspective.