#加密货币ETF发展 This news is worth paying attention to. In Q3, institutions significantly reduced their holdings in Strategy by a total of about $5.4 billion, and this occurred while both Bitcoin and MSTR prices remained relatively stable. This suggests that institutions are actively adjusting their strategies, possibly shifting from indirect investments to more direct Bitcoin exposure.

Here are some key points of analysis:
1. The scale of the reduction is large and involves several leading institutions, reflecting a widespread trend.
2. The timing coincides with the peak of spot ETF applications, suggesting that institutions may be preparing in advance for ETF approvals.
3. The reduction happened during a period of stable Bitcoin prices, indicating that it was not caused by market volatility but was instead a strategic adjustment.

This trend may signal a shift in how institutions invest in Bitcoin. As more direct and compliant investment channels emerge, indirect tools like MSTR may gradually lose their appeal. It is advisable to closely monitor the upcoming ETF approval progress and the flow of institutional funds, as these could have a profound impact on the market landscape.