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31% of the total supply of Bitcoin #Bitcoin is held by governments, ETFs, and MicroStrategy, an increase of 14% from last year;

The structure of government, ETFs, public companies, and large holders has been established--

1 Institutional investors are typically long-term holders and do not trade frequently. This 'national currency behavior' reduces the circulating supply in the market, which may provide support for the long-term price of Bitcoin.

This institutional trend indicates that Bitcoin is transitioning from an 'asset dominated by retail investors' to a 'mainstream investment asset.' Institutional participation brings more liquidity and stability to the market while also enhancing the credibility of the market.

B This also means that governments are increasingly aware of Bitcoin's position in the global economy and may tend to accept and regulate it in future policymaking rather than suppress it.

The 31% concentration means that Bitcoin's property as a safe-haven asset as 'digital gold' is gaining more recognition. In the context of increasing economic uncertainty and significant pressure on fiat currency depreciation, institutions accelerating their allocation of Bitcoin may be to hedge against the risks of traditional assets.

4 The increase in institutional holdings may make it increasingly difficult for retail investors to profit through simple buy-and-hold strategies. In the future, the Bitcoin market may rely more on complex financial instruments (such as options and futures) and macroeconomic trends.

This means that Bitcoin is accelerating its transition to the mainstream financial system while also facing the risk of its decentralized characteristics being diluted. #比特币战略储备