#机构投资者动向 Looking at this research report, I am reminded of some observations from these years of accompanying investors. The driving logic of Bitcoin is indeed evolving—from technical halving cycles to macro-level political and liquidity factors. Hidden behind this shift is an important signal: market participants are upgrading.

Institutional investors have become the dominant force, and their decision-making is indeed more cautious. This is not a bad thing; on the contrary, it indicates that the market is moving toward greater rationality. When liquidity tightens and policy signals fluctuate, the pace of capital inflow naturally slows down—this is exactly what professional investors should do. Bitcoin may remain in a range-bound oscillation rather than a rapid surge, which gives us ample space for reflection.

In this environment, my advice is to return to fundamentals: review whether your position allocation is reasonable and ensure that risk exposure is within controllable limits. Do not be disturbed by short-term sideways consolidation, and do not blindly add positions before liquidity improves significantly. A long-term mindset is not simply about holding, but about maintaining calmness and patience through different market phases.

The cycle continues, but the rules are changing. Adapting to this change is what prudent investors should do.