Nearly a million bitcoins have been locked into the vaults of listed companies, and the long bull structure is taking shape—— I have written several articles before about how Bitcoin may emerge from a long bull market and a structured bull market this time: The main reason is that the BTC structure is becoming more institutionalized and long-term, with most chips not easily flowing, and bull market fluctuations may be amplified. For example, the data in the figure: The top 100 listed companies hold a total of 962939 bitcoins worth $112.3 billion, and this number is still growing rapidly! I carefully examined it—— The top 10 are almost all cryptocurrency native enterprises (mining, exchange, Bitcoin strategy companies), indicating that large-scale holdings of coins are still concentrated in the hands of on chain business related companies. In the latter half (50-100), more traditional industries or cross-border companies (such as finance, technology, and even coffee companies) emerged, And most of this behavior occurred this year, indicating that Bitcoin is gradually entering a broader perspective of enterprise asset allocation. 1) Nearly one million BTC are locked onto the balance sheets of listed companies, equivalent to about 5% of the circulating volume. This part of the chips has extremely low liquidity and is a long-term tightening of market supply. 2) Top companies such as MicroStrategy and MARA continue to increase their holdings, essentially forming an "enterprise version whale". Under the expectation of price increases, this concentration will amplify fluctuations. Nearly a million bitcoins have been locked in the vaults of listed companies, and the market's chip structure is evolving towards institutionalization and long-term sustainability.