Recently, the Bitcoin market has shown significant institutional investment dynamics, particularly behind the investment strategy adjustments of Harvard University and Metaplanet, revealing a trend of divergence in the market's perception of Bitcoin as a hedging asset. Securities documents indicate that Harvard University's Bitcoin investment has increased to $443 million, surpassing its allocation to gold.

While some institutions are increasing their Bitcoin allocations, Metaplanet has ceased to increase its Bitcoin holdings. The company has not seen any new positions since September 30, 2025, and its stock price has dropped from 1,781 yen in June to 398 yen, reflecting a decline of over 77%. This phenomenon may reflect differing views among investors regarding Bitcoin's prospects, leading to fluctuations in market confidence.

Meanwhile, the capital flow of Bitcoin spot ETFs has also drawn market attention. Last week, the net outflow from Bitcoin spot ETFs reached $87.77 million. Specifically, ARKB saw a net outflow of $77.86 million, IBIT experienced an outflow of $48.99 million, while FBTC performed relatively well with a net inflow of $61.96 million. This data further indicates that some investors remain optimistic about Bitcoin's potential, while others maintain a cautious stance.

Large on-chain Bitcoin transfers have also added uncertainty to the market. Twenty One Capital recently transferred 43,122 Bitcoins to a new wallet, valued at approximately $3.94 billion, while during the same period, Coinbase also saw 1,929 Bitcoins transferred out, valued at about $175.9 million. Such transfer activities are often viewed as liquidity optimization or asset custody strategy choices, thereby affecting the market's supply and demand dynamics.

The market also faces competitive challenges from the new digital currency "Unit" launched by BRICS countries, which is backed by 40% physical gold and 60% currency reserves of BRICS nations. This initiative may directly impact Bitcoin's status as a global reserve asset, further accelerating the exploration of de-dollarization.

Ultimately, Bitcoin's price has rebounded above $91,000 amid recent fluctuations, reflecting the market's potential attractiveness after experiencing short-term outflows. Market liquidity remains tight under expectations that the Federal Reserve may change its monetary policy, leading to increased price volatility. In the future market direction, the diversity of institutional investments and the de-dollarization strategies of BRICS countries will become important variables influencing Bitcoin's trajectory.

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