[Bitwise Chief Investment Officer: The Role of Strategy in the Bitcoin Market Has Fundamentally Changed] According to a report by Jinse Finance, on July 2, Bitwise Chief Investment Officer Matt Hougan stated in an article that the role of Strategy in the Bitcoin market has fundamentally changed. For many years, it has been the most pivotal Bitcoin buyer globally, continuously providing long-side demand to the market. However, the era of unilateral accumulation is likely coming to an end. Moving forward, Strategy will flexibly buy and sell Bitcoin based on market conditions. The key point is that it will not engage in large-scale selling. The existing mechanism does not force Strategy to sell billions of dollars worth of Bitcoin annually; once Bitcoin enters a bull market, Strategy is still highly likely to return to a net buying position. However, in the next cycle, its influence on the Bitcoin market will be far less than in the previous one.