Looking back now, there were still many people who questioned why institutions built a large number of positions after the ETF was approved. The average cost price at that time was more than 60,000 US dollars. Many friends were still questioning whether the institutions were falsely increasing their holdings at such a high price. In fact, up to now, these institutions have made a profit of nearly 50%.  

So for institutions, if the period before the election was the first stage of building positions, then the period after the election was the time for large-scale building positions in the second stage. The average price at this time is already low enough. It is estimated that the 13F position information released in January next year will be very surprising.  

After all, for institutions, they rarely look at the short term. At the beginning, I have always said that even when Bitcoin fell sharply, no ETF holders significantly reduced their holdings. It is still the same now. Think about how many years institutions held gold. For Bitcoin, it may just be the beginning.