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

The pattern of government, ETFs, public companies, and large holders has already formed--

1 Institutional investors are typically long-term holders and do not trade frequently. This "national currency behavior" reduces the circulating supply in the market, potentially providing support for Bitcoin's long-term price.

This trend of institutionalization indicates that Bitcoin is transitioning from an "individual investor-dominated asset" to a "mainstream investment asset." Institutional participation brings more liquidity and stability to the market, while also enhancing the market's credibility.

B This also means that governments are increasingly aware of Bitcoin's position in the global economy and may be more inclined to accept and regulate it in future policy-making rather than suppressing it.

The concentration of 31% means that Bitcoin's property as a safe-haven asset, often referred to as "digital gold," is gaining more recognition. In the context of increasing economic uncertainty and pressure on fiat currency depreciation, institutions accelerating Bitcoin allocation may be aimed at hedging risks associated with 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 move towards the mainstream financial system, while also facing the risk of its decentralized characteristics being diluted.#比特币战略储备