Sisters, today’s game of chess makes my back feel cold. On the surface, it’s calm, with BTC hovering around 71,000, but underneath, there are turbulent undercurrents, a clear scene of 'the new emperor ascending the throne, the old ministers forcing the palace' in a court drama.
Look at that 'Regent' BlackRock, on one hand, he eloquently speaks in the court (to shareholders) about making 5 billion gold ingots from the cryptocurrency business in five years, claiming that the Bitcoin ETF is his sword of authority. On the other hand? His subordinates have been busy, secretly transferring 2,267 bitcoins worth over 150 million from Coinbase's treasury (exchange) in just 10 hours! What is this? This is quietly stockpiling resources to solidify power. They are playing a game of open strategy, using real gold and compliance licenses to gradually reclaim the pricing power and discourse of Bitcoin from the 'rivers and lakes' (exchanges) to the 'court' (traditional asset management giants).
What about those former "regional governors" and "jianghu strongmen"? Some have become "defeated generals." That whale who opened a 40x leverage short on BTC, hoping to hedge with oil, lost on both trades, executing 28 operations in a week and losing over 2 million, resembles a desperate prince gambling recklessly. And that "drug dealer Bitcoin" who has been silent for ten years suddenly moves, like a remnant of a previous dynasty suddenly appearing from a cold palace, causing a stir and suspicion but what waves can they really create?
What’s even more lamentable is the retreat of the "old money aristocrats." U.S. Treasury bonds are being sold off madly by overseas official funds, hitting the largest scale in six years. On the other hand, BlackRock's Bitcoin ETF continues to attract capital (although there was a net outflow yesterday, BlackRock itself is significantly increasing its holdings). Isn’t this signal clear enough? Part of the old forces are retreating from the core assets of the old world (U.S. bonds), while the core asset of the new world (Bitcoin) is firmly held at the entrance by new elites like BlackRock.
So, folks, don't just focus on those price fluctuations. The key point of this game is: power is shifting. Giants like BlackRock are using compliant ETFs as a "seal" to complete the "crown" of Bitcoin as this "digital empire." Meanwhile, the former on-chain whales and rogue tycoons are either being assimilated or marginalized. We, the small investors, need to understand the underlying logic of this "change of dynasties" to know under whose eaves we should cautiously avoid the rain and carefully seek food.
Source: www.qinglan.org/39740