#比特币机构配置与囤积 Seeing Strategy continuously buying Bitcoin for two consecutive weeks in December, accumulating over 20,000 coins, my first thought isn't "institutions are optimistic," but rather wondering—what game are they really playing behind the scenes?

Don't get me wrong, I'm not against institutional allocations. The problem is that every time I see news about such "massive increases in holdings," I recall a few lessons from my youth. Back then, there were always people claiming "follow the institutions to make money." And what happened? The big players had already accumulated before the news broke, retail investors chased the high, and when the institutions started to sell, they left a trail of losses.

Strategy has held at an average price of $74,972 and continues to buy at $92,098. What does this indicate? It shows that the cost and the current price have already diverged. If this were truly a "bottoming" story, the timing for that story would have long passed. Now, with continued aggressive accumulation, a more likely logic is—they need to ensure enough chips to prepare for some upcoming expectation.

This isn't to say Bitcoin lacks investment value, but to remind you: the behavior logic of institutions is different from retail investors. Their increased holdings may indeed reflect confidence in the long term, but they could also be locking in supply for a specific target. What we see is always the result; what we don't see are the costs and timing.

The smartest approach is simple—don't follow the FOMO, and definitely don't borrow money to chase the high. Set your target price and stop-loss levels, follow your plan, and don't be led by news. Institutions can accumulate because they can withstand long-term volatility. Can you?