The U.S. government's Bitcoin reserve plan has recently become a hot topic again. In March this year, the Trump administration finalized a plan: to incorporate approximately 210,000 BTC (currently worth about $18 billion) confiscated into the national reserves, rather than auctioning them off as in the past. This shift may seem low-key, but it actually changes market expectations—many had been waiting for the government to buy large quantities to push prices higher, but the plan was implemented long ago, and BTC is currently fluctuating around $87,000.

From a macro perspective, this move is quite significant. Bitcoin has quickly transformed from a "problematic asset" into a national-level reserve tool—how strong is this signal? Strong enough to make global institutional investors and governments reassess their attitudes. Since the U.S. government is not in a hurry to sell, countries and enterprises that are watching also have reasons to follow suit—this creates a stable supply-side expectation.

However, in reality, the short-term effects are not so exaggerated. Without new capital inflows, the market's driving force mainly relies on trading liquidity. The current sideways movement is quite reasonable, as the market awaits whether various policies will truly be implemented and take effect next year. In the long term, easing supply pressure is definitely a positive fundamental factor.