Larry Fink, the big boss at BlackRock, said something pretty explosive at DealBook yesterday—a few sovereign wealth funds have already been quietly buying Bitcoin.

What’s even more interesting is that they specifically buy when the price drops. From $126,000 all the way down to the $80,000 range, these institutions not only didn’t panic, but actually kept increasing their positions. This move is clearly not short-term speculation; they’re playing the long game.

Larry also sounded a warning: if the US keeps hesitating on digitalization, it could really fall behind. He predicts tokenization will explode in the next few years, and right now big institutions are quietly accumulating.

So here’s the question—when these state-backed giants with massive capital start buying the dip, does the market still follow the old logic? Who still dares to short now?