Trillion-dollar asset management giants are making frequent moves. First, a leading asset management firm's value index fund spent $202.5 million to buy 1.23 million shares of a publicly traded company holding a large amount of Bitcoin. This is not the first time — the same firm's mid-cap index fund previously invested $505 million to purchase 2.91 million shares when the company was included in the mid-cap benchmark.

This institution manages up to $12 trillion, and every move they make can trigger market discussions. Some see it as a sign of traditional finance officially recognizing cryptocurrencies, especially since an investment exceeding $200 million is no small feat. But others dismiss it as routine index fund operations — once a company qualifies for inclusion, buy it; there's no active strategy to enter the crypto space.

Is this a turning point where institutions are optimistic about Bitcoin-related assets, or are they simply following the index? The market has differing opinions. However, data shows that the fund under this institution has been continuously increasing its holdings in a company that owns 687,410 BTC, reflecting a certain market tilt.