Recently, I noticed an interesting statement from Matthew Sigel at VanEck. He said that institutions are still very interested in BTC, but their actions are clearly much more cautious than before.

He assesses the market using three dimensions: global liquidity levels, market leverage cleansing situation, and actual on-chain activity data. The signals provided by these three indicators are currently mixed and not particularly clear as bullish or bearish.

In terms of price, he mentioned the range of 70,000 to 78,000—although the original text did not state it completely, this range should be a key reference point in their internal discussions. Based on institutional trading habits, during this mixed signal phase, large funds generally tend to wait and see or take small positions for testing, rather than going all in.

To be honest, in the current market environment, retail investors are likely to suffer losses from impulsive trading. The institutional approach of relying on data at least adds a layer of rational filtering to your decision-making.