In 2026, the crypto market is watching a historic "re-emergence." Zhu Su, the co-founder of the now-defunct Three Arrows Capital (3AC), has officially broken his months-long silence. His recent takes aren't just loud; they are fundamentally challenging how we view "Institutional Conviction" and the future of Bitcoin.

On February 3, 2026, Zhu Su tackled one of the biggest fears in the community: the departure of original Bitcoin whales. His take? It’s a sign of health.

  • The Distribution Engine: Since Bitcoin's inception, "OG" investors have been gradually selling. Zhu Su argues that if Bitcoin’s survival depended on a small group of "forever holders," it would have died years ago.

  • Decentralized Value: Every time a veteran exits, those coins are distributed to thousands of new holders. This "churn" is what creates long-term monetary stability and prevents a single entity from owning the network’s future.

⚙️ The Michael Saylor "Figurehead" Theory

Zhu Su didn't hold back when discussing Michael Saylor and Strategy (MSTR). He challenged the "Lone Visionary" narrative that has dominated the 2024-2025 bull run.

  • The Middleman: Zhu Su claims Saylor is essentially a figurehead.

  • Shared Risk: He pointed out that the real risk isn't on Saylor personally; it’s on MSTR investors and bondholders. By using a "Capital Markets Platform" to buy Bitcoin, Strategy has offloaded the potential for liquidation onto its shareholders. If Bitcoin keeps testing the $76,037 cost basis, the "MSTR Premium" could turn into a "MSTR Trap."

🚀 The Warning: Overconfidence and Premature Re-entry

Perhaps his most relatable insight involved the recent losses of investors Yi Lihua and 1011.

  • The Trap: Both investors correctly sold at the market peak. However, they suffered massive losses (up to $250M for whale "1011") by jumping back in too early.

  • The "I Know Better" Fallacy: Zhu Su attributed this to "overconfidence." Timing the top once makes you feel invincible, which often leads to "catching a falling knife" during the next correction.

💬 Vibe Check: Do You Trust the Return?

Zhu Su’s return in late January 2026 coincides with a market that is deeply confused. Is his re-emergence a signal of a bottom, or just more "noise" in a volatile year? 🏛️📈

Is the "OG Exit" truly bullish, or are we watching the last believers leave? And more importantly: Are you catching the knife or staying on the sidelines? 👇

#ZhuSu #MSTR #BitcoinWhales #Marketpsychology #BinanceSquare $BTC $ETH