#比特币市场动态# Looking back at the history of the Bitcoin market, we once again witnessed a shift in institutional investors' attitudes towards digital assets. The recent accumulation by Exodus Movement and Galaxy Digital reminds me of the wave of institutional investment that began in the second half of 2020. At that time, MicroStrategy was the first to announce Bitcoin as a reserve asset, triggering a chain reaction.

It seems that this trend has not stopped, but is continuing at a different pace. Exodus increased its holdings by 29 coins, reaching a total of 2087 coins; Galaxy Digital was even more aggressive, adding 4272 coins in a single quarter, with total holdings exceeding 17,000 coins. Behind these numbers lies the confidence of institutions in the long-term value of Bitcoin.

However, we must also remain clear-headed. The example of Galaxy Digital reminds us that the surface position numbers may include leverage and borrowing components. When assessing true influence, the key indicator of net position size also needs to be considered.

Does this round of increased holdings signal that a new bull market is about to arrive? History tells us that market cycles are often difficult to predict accurately. However, the continuous accumulation by institutions undoubtedly injects new momentum into Bitcoin. For ordinary investors, paying attention to the movements of these listed companies may provide some reference for their investment decisions.