#大户持仓变化 Bitcoin fell below the $86,000 mark, and market sentiment plunged into a state of turmoil. But if you observe the flow of funds within the market carefully, you'll notice an interesting phenomenon: panic selling and institutional accumulation are happening simultaneously.

During this adjustment, retail investors were frightened by the decline and quickly cut losses and exited, leaving their accounts in the green. Meanwhile, major institutions with influence are quietly increasing their positions. MicroStrategy continues to add to its Bitcoin holdings, BlackRock is quietly positioning itself, and JPMorgan's Ethereum fund is also making moves — this is not a coincidence but a common script in market cycles.

The situation with Ethereum is also worth noting. On the surface, the price appears to be retracing, with some loosening at key levels, but the activity at the ecosystem level has not stopped. Traditional financial giants like JPMorgan are exploring fund issuance on the Ethereum network, and BlackRock is quietly increasing its stake. These institutional-level adjustments often reveal more than short-term price fluctuations.

Looking at BNB, although it has also experienced a decline, its potential application scenarios are continuously expanding. Reports indicate that some governments are exploring using it for asset tokenization projects. Such infrastructure-level adoption often signals a market reversal.

Historically, every significant correction is accompanied by structural capital reorganization. Retail investors panic-sell, while institutions vote with their actions. When these major players finish building their positions, the market's reaction is often unpredictable.

The current situation is: the market is indeed adjusting, but behind the adjustment, institutions are taking over, ecosystems are expanding, and applications are being implemented. These are observable facts. As for what will happen next, the pendulum of history often swings faster than expected.