@tellkill
In 2025, with the deep participation of institutions, the historical top - signal that the profit - making proportion of Bitcoin supply exceeds 90% may be invalid. The core variables are the change in the supply - demand structure caused by institutions' large - scale holdings and their long - term investment strategies. Institutions are less likely to sell in large quantities due to short - term profits, which disrupts the traditional supply - demand relationship and price signal mechanism.
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