Liquidity turning point + giant whale coin hoarding: the real BTC script is unfolding. Before system liquidity is re-released, it’s difficult for Bitcoin to see a truly sustained rally. The deeper variable right now is that AI is reshaping employment structures, squeezing income sources, and gradually transmitting into consumption and credit pressure, ultimately possibly forcing a macro-level liquidity rebalancing. Meanwhile, institutional players are still continuously accumulating. Strategy has already accumulated approximately 815,000 BTC, with a total cost of about $61.56 billion, an average price of roughly $75,527, and it continues to expand its position size. Its logic is very clear: by holding concentratedly for the long term, it is betting on a revaluation of BTC’s scarcity. The market is beginning to show an overlap of two directions: one is changes in macro liquidity expectations; the other is the shrinking of circulating supply due to continuous accumulation by institutions and ETFs. If this trend continues, some models expect that BTC in the coming cycle could enter a higher price range (from 1.5 million to 5 million USD), or even a longer-term revaluation path.