#机构比特币持仓策略 I see Saylor is sending out Tracker signals again, and I have to say I’ve seen this routine too many times. Institutions love to play like this—first, they send a signal, and the next day they announce an increase in holdings, making retail investors follow the trend and chase the price. 650,000 Bitcoins, $4.838 billion in holdings, unrealized gains of 19.3%, the numbers look very nice.

But here’s a lesson I learned the hard way: institutional accumulation ≠ you should follow suit. What advantages do large holders like Saylor have? Low capital costs, long holding periods, and the ability to withstand volatility. Retail investors rush in after seeing this news, often becoming their bag holders. A few years ago, when I was chasing institutional holdings to buy, I often got cut. Later, I realized - they are making long-term allocations, while we are chasing the price in the short term; it’s simply not the same thing.

The key question to ask yourself is: Do you have their cost advantage? Can your psychological endurance keep up? If not, then don't blindly join the frenzy. What is truly worth learning is Saylor's strategic thinking—dollar-cost averaging, long-term holdings, and not chasing the price—rather than just following his purchases. Those who have survived on-chain for a long time understand a principle: the victory of institutions is not the victory of retail investors. Only by clarifying why to buy and when to sell can one transform from a "韭菜" into a true investor.