Take a look at what institutions are doing, and you'll know what the market is thinking.

The latest data disclosed by BlackRock is particularly eye-catching — its IBIT fund hit a new record on January 11, with a holdings market value of $70.55 billion. In concrete numbers, that’s 776,688 Bitcoins continuously accumulating.

This is not a small move. From last year to now, such sustained growth is enough to show that major institutions' attitude towards Bitcoin is shifting from cautious observation to active deployment. Every new all-time high is backed by funds voting with their feet.

Of course, the market is never short of noise — whether it’s US economic data or short-term fluctuations of various cryptocurrencies, these tend to attract attention. But if you focus on these long-term institutional holdings, you can see some essential truths.

The key is to ask yourself: what does this signal mean?