#美联储回购协议计划 From the latest move by a major American bank, some interesting things are happening.

Wells Fargo, with an asset management scale close to $2 trillion, recently disclosed an investment in a Bitcoin ETF—amounting to $383 million. This is not just a statement of opinion; it’s real capital movement that has already taken effect.

Compare the two ends of the market: on one side, retail investors are still debating "Is it too late to enter now?" on the other side, traditional financial institutions have already quietly built positions.

Why is this matter worth paying attention to? Because the bank’s allocation logic is straightforward—it doesn’t bet on sentiment, only positioning early when certainty begins to emerge. When a systemically important bank starts including Bitcoin in its asset allocation, it’s actually indicating a fact: Bitcoin is being integrated into the mainstream financial asset system.

The broader macro context is as follows:
ETFs continue to drain liquidity from the spot market, listed companies openly include BTC on their balance sheets, and national-level institutions and banks are collectively entering the market...

And most retail investors? Still waiting for a "cheaper price."

This is a structural dislocation. While you hesitate, the chips have already been locked in. History always repeats itself—by the time most people realize "this asset is safe," the price has already flown away.

So the question is actually very simple: if banks with a scale of $2 trillion are positioning in assets like Bitcoin and Ethereum, has this round of market movement really already ended?