The Glassnode team has launched a new feature data - net change in BTC enterprise holdings; It calculates how much the officially disclosed BTC holdings of a company/enterprise entity have increased or decreased at a certain time. Represented in the form of a bar chart, clear and concise, at a glance! If some enterprises/traditional capital began to realize the potential value of BTC in the last cycle, but only bought and held it sporadically, then by this cycle, especially after Trump won the presidential election in 24 years, there will be a wave of large-scale and intensive buying/increasing. (Figure 1) The most core contributor among them is certainly MSTR! Let's take a look back at the growth history of the most amazing BTC dead bull in history. He made his first purchase on August 10, 2020 (based on the official announcement time), buying 21454 BTC at a price of $11872; The largest increase in holdings was on December 20, 2020, when 29646 BTC were purchased at a price of $23549; But overall, it belongs to relatively scattered buying. (Figure 2) Compared with the previous cycle, MSTR in this cycle is like turning on nuclear power. During the period from October 10, 2024 to July 28, 2024, it suddenly changed its previous style of "pistol firing" and switched to "Gatling strafing" mode. The dense blue body in the picture illustrates everything. The price range spans from $80000 to $118000. From the URPD data, the dense buying range of MSTR happens to be the most densely packed area in the BTC chip structure. Indicating that MSTR has indeed played an important role in the large-scale turnover of chips in the high range. No wonder everyone says that MSTR and ETFs are the driving forces behind this bull market cycle. (Figure 3) On December 9th, MSTR announced that it would continue to buy 10624 BTC, but ETFs have been struggling recently. In addition to the cautious attitude of traditional funds and the decrease in risk appetite, there may be another reason, which we can continue to discuss in the next tweet. In this cycle, faced with such massive profit selling from old OGs and other LTHs, if it weren't for the strong purchasing power like MSTR to provide sustained new demand, we might have seen BTC starting with 7 or even 6 long ago. Thank you MSTR! Salute to Michael Saylor @ Saylor! Treasury Net Flows (Companies) is T1 data, available for free on the entire network. Interested friends can click on the following link: https://studio. (glassnode.com)/charts/treasuries.FlowsNetCompanies ---------------------------------------------- This article is sponsored by @ Bitget | Bitget VIP， Lower rates and more generous benefits