#BTC价格上涨 The increase in Strategy last week is worth noting. 1,229 BTC, a trading volume of $108.8 million, with an average transaction price of $88,568—this price level is nearly 19% higher than its historical holding cost of $74,997.

From an on-chain perspective, this reflects two signals: first, institutions still have a willingness to buy at the current price level, indicating confidence in the subsequent trend; second, the average cost of accumulation is relatively high, suggesting that institutions may be deploying in batches or have adjusted their expectations of a price top.

Currently, Strategy's holdings have reached 672,497 BTC, with a total investment of $50.44 billion, which is indeed substantial. Such large-scale holdings often reflect the true attitude of institutions—not short-term speculation, but long-term allocation strategies. However, it is important to note that continuous accumulation itself may also become a source of pressure for subsequent adjustments, as the gradually rising cost basis means increasing risk exposure.

Monitoring the subsequent whale wallet movements will be more meaningful—observing whether the accumulation pace is maintained and whether other institutions follow or take contrarian actions.