Recently, giants like BlackRock have been making frequent moves, continuously pouring money into Bitcoin. On the surface, it seems like a good thing, but upon closer examination, this situation may not be so simple – the rules of the market game are quietly being rewritten.

Let's start with a painful fact: institutions have professional teams, ultra-low-cost capital pools, and compliant green channels at their disposal. When they make their moves, they are thinking about three to five years down the line, not just jumping around on the K-line. If an ordinary person sees news saying "a certain institution has increased their position" and rushes in, by the time they realize what's happening, the institution may have already adjusted their positions. The information gap can sometimes be more lethal than real money.

The more troublesome issue is the concentration of chips. Currently, the top 10% of Bitcoin addresses control over 90% of the circulation, and the share held by institutions is still climbing. What does this mean? Once the regulatory winds change dramatically, or if a black swan event occurs, if these big players collectively hit the brakes, the chain reaction could be much more intense than imagined.

BlackRock chose Coinbase as its custodian, and this detail is actually quite crucial - it indicates that compliance has become a hard indicator. Looking ahead, exchanges and projects that are not connected to legitimate custody platforms are likely to be left behind by the mainstream market. For us ordinary users, we need to be more vigilant when choosing platforms; we shouldn't dive into gray areas just to chase trends, especially with those high-leverage derivatives. If something goes wrong, there won’t even be a place to cry.

Ultimately, traditional finance and digital assets are accelerating their integration, and this train is moving quickly. It has brought price support and legitimacy endorsement to Bitcoin, but at the cost of liquidity increasingly concentrating in the hands of a few, while systemic risks are quietly accumulating. The market is changing, and we must adjust our posture accordingly, but let’s not forget—respecting risk is always more important than chasing opportunity.