4E: The Bitcoin market structure is stable, and the pace of institutional holdings has not stopped On October 14th, according to 4E Watch, BlackRock CEO Larry Fink stated in an interview with CBS that he has re examined Bitcoin and believes it is a "substitute asset" like gold. Fink emphasized that Bitcoin is not a bad asset, but should not occupy an excessively high proportion in investment portfolios. He added that about 50% of investors in the BlackRock Bitcoin ETF are retail investors, with 75% having never purchased iShares products before. Nasdaq listed company BitMine Immersion Technologies has disclosed the latest data, holding 3032188 ETH and 192 BTC. Last week, it increased its holdings by about 200000 ETH, and its total holdings exceeded 3.03 million. Meanwhile, global listed companies net bought $31.63 million worth of Bitcoin last week, with Strategy buying 220 BTC for $27.2 million, bringing its total holdings to 640000; Metaplanet has temporarily suspended its holdings. At the macro level, Federal Reserve officials have been speaking out intensively before the quiet period, and Powell and several board members will deliver policy speeches this week. The risk of a US government shutdown continues, and the delayed release of economic data has further raised market expectations for interest rate cuts. The Glassnode report points out that despite the recent sharp decline, the structure of the Bitcoin market remains robust, with ETF inflows and on chain activity remaining high. The clearance of excessive leverage has led to a "healthy consolidation period" in the market, and institutional capital is still steadily entering. Standard Chartered Bank has warned that if the momentum of the US economy continues, further interest rate cuts in 2026 may be difficult to achieve, and the US dollar and bond yields may continue to strengthen. 4E reminds investors that the current market is in a parallel stage of deleveraging and institutional layout, and structured funds still support long-term upward logic, but short-term fluctuations and macroeconomic variables need to be continuously monitored.