#比特币机构配置与囤积 Seeing Cathie Wood's latest statements, several on-chain signals worth tracking have emerged.

**Liquidity Structure Confirmation**: The liquidity advantage demonstrated by Bitcoin during the 1011 flash crash reflects more than just the order of sell-offs; it reveals deeper insights into institutional fund inflows and outflows. Bitcoin's resilience in extreme market conditions is supported by actual data showing its role as an "institutional gateway."

**Allocation Weight Changes**: Based on the 12-13% crypto allocation disclosed by ARK, institutional attitude in this cycle appears cautious, but the direction is clear—BTC has the highest priority. This means that if traditional financial giants (like Morgan Stanley, Bank of America, etc.) officially participate via ETFs in the future, the capital flow sequence is likely to be: BTC → ETH → other ecosystems.

**Key Variable Tracking**: The decision-making of large traditional financial institutions regarding ETFs is highlighted as an "important variable for the next phase of the market," which warrants ongoing attention to large address movements on the chain. Once these institutions start adjusting their positions, data on outflows from exchanges and growth in cold wallets will reflect this in advance.

The premise for market bottoming is that information has been digested, but the actual implementation of institutional allocation expectations is still evolving. Monitoring whale addresses and exchange fund flows can help capture turning points in the allocation cycle earlier.