#机构采用 Seeing Saylor hinting at increased holdings again, Galaxy announcing a $250,000 target price, and IOSG setting the tone for a "institutional accumulation phase" rather than a bull market top—this scene, I have seen it in history.

At the end of 2016, institutional entry was still a novelty. Back then, retail investors were still glued to their screens day and night on exchanges, while institutions were quietly positioning themselves, with almost no one understanding their patience. The current scene is a mirror image, only scaled up with greater certainty.

Key data speaks volumes: $25 billion inflow into ETFs, institutional holdings accounting for 24%, retail investors retreating by 66%. This is not some bullish hype, but a genuine shift in market structure. Retail investors panic and run at price fluctuations, while institutions add to their positions based on cycle logic—this is a hallmark of a mature market.

I witnessed the collapse after retail frenzy in 2013, and also the madness of 2017. The difference now is that infrastructure is complete, regulatory expectations are clear, and institutional HODL resilience far exceeds retail speculation. Before the 2026 election, the honeymoon period and policy certainty will further strengthen institutions' conviction to allocate.

Saylor’s behavior of holding over 670,000 Bitcoins is simple—he’s not waiting for prices to rise, he’s waiting for the structure to solidify. When enough institutions and strategic reserves lock in significant positions, Bitcoin’s liquidity landscape will change fundamentally, and the evolution of pricing power will become evident.

Short-term volatility is inevitable, but this cycle’s logic is already different from the past.