#比特币机构配置与囤积 Strategy is stacking coins again, this week 10,645 coins, at a unit price of $92,098. The pace is quite aggressive. The holding cost is $74,972, indicating that this guy is really planning for the long term, with solid cost control.

But what's more interesting is Cathie Wood's comment—Bitcoin has become the gateway for institutional entry. This is not new, but the key point she highlighted is an easily overlooked detail: during the flash crash on 10/11, Bitcoin's liquidity was the strongest, yet it was hammered the hardest. What does this imply? It shows that institutions are testing the waters with Bitcoin, selling it to gain liquidity, then buying back once market sentiment stabilizes.

In other words, this decline is actually a filtering phase. True institutions (like Strategy) are adding positions at the lows, rather than panicking and dumping. From a copycat perspective, traders' actions during this time reveal a lot—some hold stubbornly, some adjust their positions flexibly. Recently, I've been observing who dares to leverage up and buy the dip during this correction, and who quickly reduces leverage to cut losses—there's a big difference.

When will Morgan Stanley and others truly enter the market? That will be the next key variable. Until then, copy-trading strategies need adjustment—different risk preferences will lead to more distinct trading behaviors, so don't follow blindly.