Let's start with the conclusion: stay away from leverage. One more time, stay away from leverage. A third time, really stay away from leverage.

Have you understood this wave of market movements recently? When BTC dropped to $82,000, there were everywhere claims of "institutions colluding to harvest." At first, I didn’t pay much attention—conspiracy theories are nothing new. But this time is different—when you extend the timeline and connect the actions of several top institutions, you'll find things are far more complex than they seem on the surface.

The old players on Wall Street—Vanguard, JPMorgan, Goldman Sachs, Bank of America—have been acting in ways that are too coincidental. So much so that it makes you think twice.

**What exactly is happening?**

The core logic is quite simple and straightforward: shake out the market to scare people, then buy the dip.

Since the epic liquidation on October 11, negative news has never stopped. Regulatory risks, bubble warnings, institutional withdrawals... overwhelming. Retail investors panic, and so-called experts also start shouting "stop-loss and exit." Chips are being dumped rapidly. But the question is—where are these chips going?

The answer lies in the latest moves of these institutions:

- **Vanguard** has done a 180-degree turn. Their CEO has been opposed to digital assets for the past fifteen years, yet now they suddenly open a platform with a scale of $11 trillion, allowing users to buy BTC-related products.
- **JPMorgan** launched Bitcoin structured notes, specifically targeting high-net-worth clients.
- **Bank of America** went even further, authorizing 15,000 wealth advisors to recommend BTC as an asset allocation option.
- **Goldman Sachs** quietly acquired an ETF company, bringing traditional investors into this market by controlling risk exposure.

Look at the timing—during the market crash, these products were rolled out one after another. Would you call this coincidence? I don’t believe it. All four top institutions completed their layouts within nearly the same window. Such coordination is rare.

**Thinking deeper**

On a macro level, quantitative tightening is nearing its end, and market liquidity is beginning to recover. Completing the capital transfer at this point is a textbook operation for long-term positioning. And note one detail: throughout this process, some big-name figures who usually speak up have been unusually quiet. Logic suggests they should be making some noise given the market drop, right? But they haven’t.

This isn’t just normal market fluctuation. It’s a planned asset reallocation. Retail chips are flowing into institutions, and panic sentiment has become their ticket in.

So my view is: there may still be short-term volatility, but in the medium to long term, since these institutions have already heavily accumulated positions, the story ahead will likely be very interesting. Of course, that’s only if you can hold on and not get shaken out.

Finally, a reminder: stay away from leverage. Really.