Last night, several events in the crypto circle are indeed worth reviewing. Bitcoin surged to 85,000 in a short period, nearly a 3% increase, while two heavyweight participants in this rise took opposite actions. Those who stayed up late monitoring the market probably sensed that subtle, eerie feeling—this is not just price fluctuation; it reveals the true intentions behind the capital movements.

Let's look at the first signal. According to Tesla's recent public disclosures, the company sold related assets worth $3 billion in the short term. The scale and speed of this large cash-out are quite rare. For a major capital player like Musk, every adjustment in asset allocation has deep logic. Historical experience shows that when the crypto market is in a frenzy, he tends to stir the pot, but once he detects a change in the trend, his divestment actions are very swift. This $3 billion cash-out precisely reflects this敏感嗅觉.

The second signal is more direct. As the world's largest asset management firm, BlackRock recently suspended new subscriptions to Bitcoin spot products. How significant is this move? Referencing BlackRock's previous role in institutional fund inflows—it's seen as a key driver of crypto asset compliance, boosting investor confidence because of its involvement. But now, this most influential player is beginning to "contract," and the only message behind this is: the current market risk level has reached the institution's alert line.

Looking at these two events together, they reflect the same trend—large funds are gradually changing their market stance. How this will unfold in the short term remains to be seen. But one thing is certain: the market structure is quietly shifting.