Identifying 'abnormal signals' in market panic: what institutions do is 100 times more important than what institutions say There is a type of information in the cryptocurrency market that is severely undervalued: the "abnormal actions" of institutions. What is an abnormal action? It's just an institution doing something it wouldn't normally do. Coinbase Ventures' secondary market purchases of ENA are rare - they rarely directly buy circulating coins; Strategy selling 32 BTC is one - it only buys and doesn't sell for four years. These actions themselves are not large in scale (no one knows how much Coinbase Ventures bought, Strategy only sold 0.04%), but the fact that "they were done" is much more important than "how much they were done". At the practical level, establish three observation habits: Firstly, pay attention to the listing decisions of the exchange. What coins Binance will launch in a bear market, and when Coinbase will launch new assets - these timing choices often reflect their prioritization of the track and assets. Secondly, track the wallet dynamics of top VC. It's not about following orders, it's about understanding the valuation range in which they build their positions and how long they hold them after building them. The historical behavioral data of a16z, Paradigm, and Coinbase Ventures is more honest than any research report - because the money belongs to them. Thirdly, compare "public statements" with "actual actions". If an institution claims to be bullish on a certain track, but does not have corresponding assets in its wallet, then its bullish view is worthless. On the other hand, an institution silently buys without saying anything - this signal carries more weight than ten KOLs shouting orders. In summary, the top of the market is when "everyone agrees but no one is buying", and the bottom of the market is when "everyone is cursing but someone is silently picking up chips". You don't necessarily need to know what they're picking up, but you need to know that someone has started picking it up.