#数字资产市场观察 Recently, I observed a phenomenon: there have been subtle changes in the Bitcoin holdings of some large institutions. BlackRock's actions are not very high-profile, and there are similar rumors circulating within the circle about Tether. These participants, with massive capital, always emphasize long term positioning in public, but in actual operations, the retreat speed often exceeds expectations.

If you stay in this market long enough, you will notice a pattern: the inflow and outflow of large funds is never symmetrical. When entering the market, the momentum is overwhelming, with various research reports and analyses flooding in; but when it comes time to adjust their Holdings, the actions are extremely restrained. The reason is simple — in an environment of tight liquidity, the party that moves slowly is the one providing an exit channel for quick money.

At this stage, MicroStrategy's continued accumulation of Bitcoin is no longer the focus; what truly deserves attention is the subtle shift in market sentiment. A glance at on-chain data reveals clues: the frequency of large funds flowing into exchanges is rising, yet mainstream media remains surprisingly calm—this contrast itself is a signal. Institutions know very well when to create momentum collectively and when to keep a low profile.

My judgment is not to easily believe in the statement "institutions hold long term." Participants with larger amounts of capital need to plan their exit strategies in advance. By the time market sentiment clearly shifts, they have already completed most of their reallocation actions. Retail investors are often the last group to perceive the changes.

So at this stage, don't just focus on the optimistic predictions in the press releases. Pay more attention to on-chain transfer data and keep an eye on the net inflow of funds in exchanges. The calmer the market appears, the more you need to stay alert—because this may be the last window period before large funds complete their layout adjustments.

$BTC