The stretch of Bitcoin falling from $125,000 to $60,000—during that period, some institutions didn’t sell, and some people even added to their positions.
According to an institutional research report, among the pension funds, endowments, foundations, and sovereign funds surveyed, none sold off during the decline; some even increased holdings. Their rationale is to treat it as a hedge against fiat currency devaluation—its logic is closer to gold.
Meanwhile, during the same period, a listed company that had been continuously accumulating coins bought another 1,665 BTC at an average price of about $85.7k, bringing its total holdings to 847,700 BTC—over 4% of the total supply.
But marginal buy pressure is easing: open interest for futures fell by 49,000 contracts over 7 days, and the net inflow of spot ETF holdings has declined for five consecutive trading days. Long-term supply is getting heavier, while short-term “ammunition” is thinning.
If this pool of capital were truly allocating based on gold’s time horizon, why is the $84k area still being swayed by the entry and exit of only a few tens of thousands of contracts?
According to an institutional research report, among the pension funds, endowments, foundations, and sovereign funds surveyed, none sold off during the decline; some even increased holdings. Their rationale is to treat it as a hedge against fiat currency devaluation—its logic is closer to gold.
Meanwhile, during the same period, a listed company that had been continuously accumulating coins bought another 1,665 BTC at an average price of about $85.7k, bringing its total holdings to 847,700 BTC—over 4% of the total supply.
But marginal buy pressure is easing: open interest for futures fell by 49,000 contracts over 7 days, and the net inflow of spot ETF holdings has declined for five consecutive trading days. Long-term supply is getting heavier, while short-term “ammunition” is thinning.
If this pool of capital were truly allocating based on gold’s time horizon, why is the $84k area still being swayed by the entry and exit of only a few tens of thousands of contracts?