#机构投资者动向 Looking at this week's funding data, I can't help but think of the 2017 bull market. Back then, it was the same scene—markets were adjusting, yet institutions were increasing their bets. The only difference is that back then we were cheering for "institutional entry," and now it's become the norm.

Over $25 billion in funding this year alone—there's a lot to consider behind this number. Old players like Pantera, Coinbase Ventures, and DCG are still actively investing, indicating their confidence in the long-term logic remains unchanged. The cross-chain aggregation by LI.FI, RWA infrastructure by Real Finance, and TenX's institutional staking layout—all these funding directions reflect that the industry is moving toward "institutionalization," no longer driven by hype and wild growth as in the past.

The most interesting signal comes from Saylor. I've observed his Bitcoin moves through several cycles. Every time there's a "orange dot" signal like this, it’s usually followed by a specific announcement of increased holdings. Operating so boldly at a time when the total market cap has dropped by $1 trillion shows a very firm conviction in the direction.

Looking back at this timing—year-end, volatility, institutional accumulation—this script has played out in 2019 and 2023 as well. History doesn't repeat exactly, but it often follows a similar rhythm. The key is who can stay clear-headed when others are in fear.