#机构与散户持仓行为 Seeing Saylor signaling again, what flashes through my mind is the 2013 bull market. Back then, institutions were still on the sidelines observing, retail investors were frantically discussing on forums, and their holding behaviors were completely different worlds. Today’s situation has flipped — the actions of institutions can trigger market waves, which in itself indicates a shift in the power structure.

I see through Saylor’s tactics clearly. First, he releases tracker information to create momentum, then announces increased holdings the next day, and this has played out multiple times. But the issue isn’t whether he will continue to buy, but what this predictable increase in holdings reflects — institutions now see Bitcoin as a strategic asset for allocation, no longer as a speculative item. It reminds me of the crazy surge in 2017, where retail investors chased the highs and sold at the lows, ultimately ending up at the peak. Now, institutions quietly accumulate at the bottom, while retail investors hesitate whether to follow.

The lesson of history is right here. In every cycle, those who control information and capital are always the first movers, and most people realize it only in the middle of the story. Saylor’s dollar reserves have increased by 748 million, and his BTC holdings exceed 670,000 coins — this is not a hint, it’s a bet. The key question is, are the counterparties this time still retail investors? No. They are other institutions still on the sidelines.

Time will prove everything, just as it has proven in every past cycle.