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Institutions' actions during pullbacks are much more honest than candlestick charts. Only by looking at 13F filings can you tell who is truly buying and who is just pretending to sleep.
原文作者：KarenZ，Foresight News
一季度最值得看的，不是价格跌了多少，而是机构怎样穿过这轮回撤。
如果只看行情，2026 年第一季度的加密 ETF 并不轻松。比特币和以太坊在季内承压，现货 ETF 的账面市值普遍回落，很多仓位即便没有卖出，季末看上去也很难漂亮。但一轮下跌真正有意思的地方，从来不是净值曲线本身，而是不同类型的机构在同一张回撤图上做了什么动作。
截至 2026 年 5 月中旬披露的最新一轮 13F，市场已经能看到一批机构在 2026 年 3 月 31 日的季末持仓。大学基金、大型投行、主权资金、做市商与财富管理机构，给出了几种截然不同的答案。