#MicroStrategy is once again approaching a billion dollars in buying during the decline.

The market is in panic, year-end market expectations have fallen through, and there is a lot of uncertainty in the macro environment: the Federal Reserve, the Bank of Japan, and risky assets are all under pressure. But in this emotional climate, Strategy continues to ignore price fluctuations, pushing BTC holdings above 670,000. This is no longer just a matter of bottom-fishing skills, but a stance.

Many people like to interpret this as gambling, but from another perspective, it is more like treating Bitcoin as a long-term asset-liability tool rather than a short-term trading target. Whether the price goes up or down is merely a difference in accounting costs for them, rather than a directional judgment.

Every time there is a significant divergence between institutions and sentiment, looking back, it often marks a node with a lot of informational content in the cycle. The market is very cold today, but some people are clearly betting on a more distant time.