I. Public Company Blitz: BTC Heavy Position Strategy Under Compliance Framework

UK-listed fintech company Coinsilium recently launched the 'On-Chain Harvester' model:



June 18: Purchased 7.65 BTC for £600,000 through the Gibraltar subsidiary Forza Gibraltar, with an average price of approximately £78,391 per coin.
June 20: Again increased holdings by £800,000 for 10.2 BTC, with a total acquisition of 17.85 BTC over two days, bringing total holdings to 43 BTC valued at £3.38 million, with a strategic execution strictly following the 'Bitcoin Treasury Policy'.

This behavior is not an isolated case; the Bitcoin holdings of publicly listed companies in Q1 have surpassed 688,000 BTC (accounting for 3.28% of the total Bitcoin supply), with long-term layout companies showing significant safety margins between their holding costs and market prices. For example, MicroStrategy holds over 170,000 BTC at an average cost of about $35,000, currently realizing a profit of over 200%.


Core Logic:


Compliance Pathway: Coinsilium uses a subsidiary structure to avoid cross-border regulatory risks, echoing the 'localized custody + tax optimization' model with Japan's Metaplanet (holding 7,800 BTC).
Asset Restructuring Demand: Traditional companies hedge against fiat currency depreciation through BTC allocation; Anemoi International in the UK has converted 30% of its cash reserves into Bitcoin, far exceeding the industry average of 5%.


II. Whale Leverage Game: Survival Rules in a High-Volatility Market

The operations of on-chain giant AguilaTrades can be described as 'extreme sports':



Position Size: From June 15 to present, a total of $424 million has been invested, with a leverage ratio exceeding 10x, and the liquidation price pressed down to $101,426.
Strategy Features: Added to positions with a loss of $5.5 million while still injecting 29.85 million USDC, employing 'loss recovery + high-frequency adjustment' to hedge short-term volatility.

Such behavior reflects the current market's polarization:

Risk Aspect: High leverage positions exacerbate market vulnerability; if the BTC price falls below $101,000, it will trigger on-chain cascading liquidations;
Opportunity Aspect: Continuous liquidity injection by whales provides short-term price support, and retail investors can utilize CEX perpetual contract funding rates (currently -0.03%) for reverse arbitrage.


III. Traditional Capital Entry: ETFs Become the Core Engine of Institutional Wave

BlackRock's Bitcoin Spot ETF (IBIT) has surpassed $70 billion in scale, with a holding of 288,000 BTC, occupying 29% of the U.S. ETF market. Its operational logic presents three main features:

Self-Reinforcing Effect: BlackRock has increased its ETF holdings by 25%, forming a binding interest between the issuer and the holder.
Siphoning Phenomenon: On a single day in May, there was a net inflow of $936 million, with traditional funds accelerating entry through compliant channels, driving 5.1% of BTC circulation to be locked by ETFs;
Regulatory Arbitrage: Utilizing the framework of the (GENIUS Act), cryptocurrencies are incorporated into traditional asset management products, reducing compliance costs for institutional entry.

Market Impact:

Positive Drive: The ETF capital pool provides BTC with a 'downside cushion'; Q1 2025 data shows that enterprise-level holdings have an average unrealized profit of 1173%;
Potential Risk: If the Federal Reserve delays interest rate cuts, high-beta cryptocurrencies may face a 'Davis Double Kill'.