#大户持仓动态 Bitcoin has increased by 2.8% in the past 24 hours, surging from $85,643.43 to $88,075.88, but the story behind this rally is actually quite complex.

The good news is that institutional investment continues to flow in. The forecast from CF Benchmarks is quite exciting—conservatively estimating that BTC could reach $1.4 million by 2035, and in a bullish scenario, even close to $2.95 million. The recent influx of institutional power has indeed been changing the market ecosystem. Plus, the supply-side scarcity is evident—95.06% of Bitcoin has already been mined, making this digital gold attribute quite worth pondering.

But there are also many issues. The Bank of Japan recently raised interest rates to a 30-year high, which will likely drain liquidity globally, not very friendly for high-risk assets like crypto. More immediate pressure comes from long-term holders starting to sell off; many old coins are being unlocked and re-entering the market, showing clear profit-taking signals. Data shows that the current trading concentration is only 0.00566428, indicating a lack of large whale operations capable of driving significant price movements.

Overall, the market sentiment remains somewhat ambiguous. Short-term bullish voices are present, but ongoing selling pressure from long-term holders persists, and trading volume isn't particularly active. The story of $BTC is still being written, and it requires watching both institutional enthusiasm and macro risks.