What are the institutions buying at high levels implying? This signal indicates that the market bottom is near.

On-chain data has sparked my deep reflection. According to the latest statistics, the large holders driven by conviction now hold a total of 3.48 million BTC, reaching a new high in this cycle. Since the beginning of the year, they have accumulated an additional 1.22 million BTC. This number may seem ordinary, but in the market context, it is extraordinary. More importantly, the current BTC price ($65.55K) is actually much higher than those “bloodbaths” in history—such as the 5.19 crash, LUNA zeroing out, and FTX collapse. What does this mean? It means that while everyone is bearish, truly smart money is sweeping up chips at higher prices.

What are institutions doing? Why continue to deploy at this price

The traditional bottom-fishing theory is outdated. The most savvy market participants never seek a perfect entry point with a “one-size-fits-all” approach—they play a different game: accumulation. This concept is crucial: as long as the price-to-value ratio is favorable, they buy continuously until all excess supply in the market is absorbed.

This process is like a giant sponge, constantly absorbing panic sell-offs. When the sponge is saturated, the market reaches a certain balance, and the early signs of a bottom appear. Based on the previous cycle, BTC moved from a low of 17,000 to a final bottom of 15,000, a relatively narrow price range. In terms of space, we are indeed close to the bear market bottom.

But the question is—what about the time dimension?

So the real torment lies in time, not price

This is a harsh reality: even if the price is near the bottom, it often takes a long time to play out. The last cycle took about 7 months from the space bottom to a true reversal. What does 7 months mean? Enough to push countless hopefuls into despair.

That’s why most people never catch the exact bottom. They think the bottom is a specific point, but in reality, it’s a painful process—repeated sideways movement, constant attempts to bottom out, psychological torment. When you think you’ve bottomed out, the market may continue to sideways trade for months. And when you finally can’t hold on and sell in panic, the real bull market often begins.

The market’s cruelest aspect is using time to crush your patience, then rewarding those who endure with a surge.

What does concentrated chips mean? The power of the next bull run

This involves a fundamental change in market microstructure. When 3.48 million BTC are firmly held by this long-term group, retail chips are being slowly washed out. The most important thing in this process is—there’s a qualitative change in the distribution of chips.

Imagine the scene at the start of the next bull run: retail chips trapped at deep discounts have been cleaned out, leaving only steadfast long-term holders. Supply shrinks, demand explodes, and the price trend becomes predictable. Every bear market seeds a bigger bull market next time, so the current painful phase is actually building energy for a future surge.

This isn’t about technical signals or price indicators; it’s about the fact that increased concentration of chips itself is a powerful market signal.

So the key question isn’t “Where is the bottom?” but “How long can you hold?”

Most people are asking the same question: how much further is the bottom? But truly smart money is asking another: how much more can I buy?

This is a gap in cognition, and ultimately, a gap in wealth.

Time is the enemy of retail investors and the friend of institutions. Because institutional funds have enough patience to continue deploying during sideways periods, while retail investors often can’t endure the months of torment. Fear, anxiety, and uncertainty gradually erode your mental defenses until you make a decision you’ll regret for life.

And smart money? They’ve long understood the essence of this game. They know the bottom isn’t bought out—it’s endured through patience. They know wealth isn’t gained by luck; it’s earned through understanding market laws.

Returning to the original point: are you ready?

Data shows the market is accumulating risks of shorting. From a chip perspective, institutions are accelerating their deployment. From a cycle standpoint, we may already be very close to this cycle’s bottom.

But what does all this mean for you? It boils down to a choice:

First, are you prepared to stay calm when everyone else panics? Increasing your position during the lowest emotional point is counterintuitive for most.

Second, are you ready to endure a long sideways period? It may take months of waiting with little price movement—this torment can crush most people’s confidence.

Third, are you willing to exchange time for space? Not chasing the highest returns, but aiming for stable compound growth.

If your answer is yes, congratulations—you already have the basic qualities to become a “conviction-driven buyer.” If no, that’s okay too; at least now you understand the real rules of the game. Recognizing reality itself is already a significant step forward.