In the past two months, Bitcoin has been rising for one month and rising again for the next month. As everyone knows, when the price of a commodity rises, it is usually driven by buyers, meaning the buyers' power exceeds that of the sellers.

🤔 So, who is actually buying Bitcoin?
1️⃣ Listed companies, outstanding representative: MicroStrategy @Strategy
Since March, last week alone, they spent $2.54 billion to buy 34,164 BTC, with a total holding of 815,061 BTC, surpassing BlackRock in one fell swoop!
2️⃣ Institutional ETFs, outstanding representative: BlackRock (IBIT) @BlackRock
Bitcoin spot ETFs achieved their first positive inflow month in 2026 in March, with a net inflow of about $1.32 billion, and last week alone, a net inflow of $996 million, with BlackRock contributing the majority of the increase.
🤔 Where there is buying, there is selling. So, who is selling?
According to Q1 data, retail investors reduced their holdings by 62,000 BTC in the first quarter.
‼️ Besides MicroStrategy's Bitcoin holdings, the Ethereum-focused @BitMNR also hasn't been idle. Last week, their acquisition scale hit a new high for 2026, with ETH holdings reaching 5 million.
Think about it—retail investors are cutting their losses cleanly, while institutions are completely ignoring the chaos outside and accelerating their bottom-fishing. I suddenly feel that retail investors are likely to be left behind again this time.
❤️ Fortunately, I am a holder of spot assets, a multi-asset believer. Maybe things won't improve immediately, but at least I am still holding on.
Ps. The chart below is from @0xCryptoChan, showing that the previous bear market has already bottomed out twice, with one complete cycle so far. So, if there is truly another dip or crash, remember to bravely buy the dip.