#机构资金流入 Seeing the Prenetics case, what flashed through my mind was the wave in 2017. Back then, many listed companies hurriedly announced their entry into blockchain and allocated Bitcoin, but what was the result? Most of them did not end well.

This time is different; they moved faster and abandoned more decisively. When they raised $48 million in October, Bitcoin was still at 114,000 yuan, but within less than three months, they changed their stance. They had over 70 million yuan in cash and 510 Bitcoins on their books but chose to adjust their strategy—there's a lot to analyze behind this logic.

On the surface, it appears to be a reactive response to falling prices, but at a deeper level, it reflects a subtle shift in institutional attitudes. Investors include exchanges like Kraken and funds under Wu Jihan. They are not pessimistic about Bitcoin; rather, they are skeptical of non-professional institutions' crypto asset allocation strategies. A company primarily engaged in nutritional supplements insisting on building a crypto asset treasury has been problematic from the start.

This reminds me of the cyclical patterns in history. When Tesla bought Bitcoin in 2021, the market cheered, but that was driven by Musk's personal obsession combined with a specific market cycle. Follower behaviors lacking professionalism often become the first to turn around when the cycle shifts. Prenetics' abandonment may be signaling the beginning of a cooling-off period in institutional capital inflows.