4E: The Bitcoin market structure is stable, and the pace of institutional accumulation has not stopped.

BTC1.46%
ETH2.20%
According to Mars Finance, 4E observed that BlackRock CEO Larry Fink stated in an interview with CBS that he has re-evaluated Bitcoin and believes it is an "alternative asset" similar to gold. Fink emphasized that Bitcoin "is not a bad asset," but it should not occupy a high proportion in an investment portfolio. He added that about 50% of the investors in BlackRock's Bitcoin ETF are retail investors, of which 75% have never purchased iShares products before. Nasdaq-listed BitMine Immersion Technologies disclosed the latest data, holding 3,032,188 ETH and 192 BTC, having increased its holdings by about 200,000 ETH last week, with total holdings exceeding 3.03 million. Meanwhile, globally listed companies net purchased 31.63 million USD in Bitcoin last week, with Strategy acquiring 2.72 million USD for 220 BTC, raising its total holdings to 640,000; Metaplanet paused its buying. On the macro level, Fed officials have been vocal before the silent period, with Powell and several board members set to deliver policy speeches this week. The risk of a government shutdown persists, while delays in economic data releases have heightened market expectations for interest rate cuts. Glassnode's report indicated that despite the recent big dump, the Bitcoin market structure remains robust, with ETF inflows and on-chain activity staying high. The cleanup of excessive leverage has led the market into a "healthy consolidation phase," with institutional capital steadily getting on board. Standard Chartered Bank warned that if US economic momentum continues, further interest rate cuts in 2026 may be difficult to achieve, and the US dollar and US Treasury yields may continue to strengthen. 4E reminds investors: the current market is in a phase of deleveraging and institutional positioning, with structural capital still supporting the long-term upward logic, but short-term fluctuations and macro variables need to be continuously monitored.
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