Recently, the data has been updated, and it's quite interesting. Since the beginning of last year, publicly listed companies and those low-profile large institutions have quietly accumulated over 1.08 million Bitcoins. It might sound hard to grasp—here’s a comparison: in January last year, these institutions held less than 200,000, and in just over a year, that number has more than quintupled. This isn't small-scale accumulation by individual retail traders; these are the true whales on a food spree.

Why the sudden surge? There are several reasons:

First, spot ETFs have been approved in the US. Top global asset managers like BlackRock and Fidelity have entered the market, effectively giving institutions a "compliance entry pass." Previously, buying Bitcoin meant going through exchanges; now, buying ETFs is almost the same as buying stocks, significantly lowering the entry barrier. This experience is completely different for large capital.

Second, the narrative of the halving cycle has been solidified. The April halving directly cut the new coin issuance in half, and the future supply side is now fixed. Smart money is positioning itself in advance; when demand truly arrives, the circulating supply will be limited, naturally pushing prices upward.

MicroStrategy is even more extreme—one company has accumulated over 210,000 coins, turning its financial reports into a "Bitcoin holdings chart." Can other companies not be tempted to follow suit?

The most frightening part is