#机构与散户持仓行为 I need to think carefully about Luke Gromen selling off most of his Bitcoin. It doesn't seem like a panic sell, but rather a genuine change in his market outlook—he says Bitcoin behaves like high-beta tech stocks in deflation, and in the capital structure, it's the most fragile "equity layer." The exponential deflation driven by AI and robotics is the real killer.

Honestly, this logic is a bit hardcore, but here’s the question—what are institutional and retail investors' current positioning? If institutions are also fleeing, then we should be cautious of a wave of sell-offs. But if retail investors are still FOMOing and chasing highs, then this correction might be a good opportunity to get in. Luke said he hasn't fully liquidated, just reduced his position temporarily while waiting for policy shifts. Does this logic also give us a hint—look for assets where supply can't catch up quickly and industrial demand keeps rising?

The underlying logic is correct, but timing is always the hardest part. The real issue now isn't whether Bitcoin can go up, but when the policy-level money printing truly begins. Should we, like him, step back from the most fragile layer of the capital structure and save our bullets for clearer signals?🎯