Recently, a set of attention-grabbing data has emerged in the market — institutional investors have accumulated a total of 5.94 million BTC, accounting for about 30% of the circulating supply. How significant is this proportion? Simply put, nearly one-third of the BTC in the circulating market has already fallen into institutional hands.

Initially, many people speculated whether institutions were gradually selling off, but this data provides a clear answer. This is not a short-term maneuver but a reflection of long-term allocation. Why are institutions doing this? The logic behind it is very clear — they are betting on BTC establishing its role as a global reserve asset.

What does the rise in concentration of holdings mean? The liquidity accessible to retail investors in the free market is tightening. The market will either enter a slow consolidation phase, gradually absorbing more chips, or directly move into a strong upward trend. For participants who haven't yet built positions, the long-term bullish stance of institutions is indeed worth paying attention to. The foundation of this rally is being increasingly locked in by large funds.