Meitu founder Cai Wensheng phased his Bitcoin布局 between the first and second quarters of 2021, accumulating approximately 940 BTC with a total investment of $100 million. By the end of 2024, when BTC surged to a new all-time high, the company completely liquidated this position, officially revealing an overall crypto asset book profit of about $79.6 million. This is a典型的 high-level reduction case—布局 at historical lows, realized at historical highs, with an investment cycle spanning the entire bear market and a new bull market. In other words, institutions had already completed their positions and cash-outs; looking back now, it’s easier to see the operational logic of market cycles.