Recently, BlackRock's wave of buying has been quite significant.

Directly acquiring 300 BTC and 16,000 ETH within ten minutes, spending nearly $600 million over three days. This pace feels less like testing the waters and more like preparing for battle.

But they are not just frantically buying out of boredom—giants holding $13 trillion in assets, the Bitcoin ETF has already surpassed $100 billion in scale, and the Ethereum ETF has also attracted $17 billion. Bulk buying? To put it simply, it's about stocking up ammunition for the ETFs; they have to hoard as much spot as clients subscribe.

The problem is that there are several not-so-great signals hidden behind this.

The BTC supply in the exchange has decreased by more than 200,000 coins compared to six months ago. With institutions buying up so aggressively, market liquidity will only get tighter. In the future, if you want to buy, you might not even be able to get any chips.

Moreover, with so many coins in BlackRock's hands, don't panic when you see large on-chain transactions in the future—it's likely just the routine settlement and rebalancing of ETFs, not a warning of a market crash. Retail investors following the trend may easily miss out.

What’s even more troublesome is that even Vitalik Buterin has started to worry: if institutions control too much ETH, what if they collude to cause trouble? Could the protocol layer be undermined? The issue of decentralization might really need to be questioned.

What about the retail investors?

Either honestly follow and buy compliant ETF products, such as BlackRock's IBIT; or find those small ecological gaps that institutions still overlook. Going head-to-head with the whales? Forget it, that's not a wise choice.

Market rules are being rewritten, don't use old thinking to play new games.