#数字资产市场动态 Recently, there has been a phenomenon worth paying attention to — the stock price performance of Bitcoin spot products has been lukewarm, and the premium space for Bitcoin is also gradually narrowing. One of the reasons behind this is likely the market anticipation of the MSCI index adjustment decision that may be made in January next year, which is currently fermenting.

From the actions of Strategy, it is clear that they have now entered a "cautious mode." This year, they accumulated approximately $2.2 billion in cash reserves, with a clear purpose — to pay dividends on preferred shares and debt interest, rather than continuing to increase Bitcoin holdings. This shift reflects that, in the current environment, risk management has been placed on equal importance with growth.

From a certain perspective, this is also a reminder to the market for spot products: prudent operation, risk control, and maintaining healthy cash flow may be more important than scale expansion.