特朗普的BTC儲備公告導致市場下降

讓我們簡要回顧過去幾天最近的波動：

Let's briefly review the recent fluctuations over the past few days:

讓我們簡要回顧過去幾天最近的波動：

On March 2 (Beijing time), Trump announced on Truth Social that the U.S. would advance a crypto strategic reserve including BTC, ETH, XRP, SOL, ADA, etc., ensuring that the U.S. becomes the world's crypto capital.

3月2日（北京時間），特朗普宣布了真相社會的宣布，美國將推進加密戰略儲備，包括BTC，ETH，XRP，SOL，ADA等，以確保美國成為世界的加密資本。

With this sudden news, the market began to rise rapidly. For example, BTC soared from $85,000 to $95,000, ETH rose by 18%, XRP increased by 38%, SOL went up by 29%, and ADA skyrocketed by 80%.

隨著這個突然的消息，市場開始迅速上升。例如，BTC從85,000美元飆升至95,000美元，ETH上漲了18％，XRP增長了38％，SOL增長了29％，Ada猛增了80％。

However, this surge did not last long. With the opening of the U.S. stock market on March 3, combined with news about tariffs and other factors, Bitcoin and various altcoins began to experience a rapid decline again. Just about a day later, the market had completely erased all the gains brought by Trump's "strategic reserve" news.

但是，這種激增並沒有持續很長時間。隨著3月3日美國股票市場的開業，再加上有關關稅和其他因素的新聞，比特幣和各種山寨幣又開始迅速下降。大約一天后，市場完全消除了特朗普的“戰略預備役”新聞帶來的所有收益。

With the expectation of a White House crypto summit on March 8 (Beijing time), the market has been experiencing continuous fluctuations in the past few days. However, today (March 7, Beijing time), news broke that Trump has signed an executive order to formally establish a U.S. strategic Bitcoin reserve. As shown in the image below.

隨著3月8日（北京時間）舉行的白宮加密峰會的期望，過去幾天，市場一直在持續波動。但是，今天（3月7日，北京時間），有消息傳出，特朗普已簽署了一項行政命令，以正式建立美國戰略比特幣儲備。如下圖所示。

But after this news spread quickly, the market instead entered a rapid decline mode, with Bitcoin dropping 6% within half an hour. As shown in the image below.

但是在這一消息迅速傳播之後，市場進入了快速下降模式，比特幣在半小時內下降了6％。如下圖所示。

Here, we may need to continue thinking about a few questions:

在這裡，我們可能需要繼續考慮一些問題：

Is the recent market's volatility an illusion? Or are whales deliberately manipulating the market and buying at low prices?

最近的市場的波動是幻想嗎？還是鯨魚故意操縱市場並以低價購買？

The U.S. has granted Bitcoin a national reserve status similar to gold, which will certainly enhance Bitcoin's legitimacy and value support in the long run. But why is the market reacting with a rapid decline?

美國已經授予比特幣具有類似於黃金的國家儲備狀況，從長遠來看，這肯定會增強比特幣的合法性和價值支持。但是，為什麼市場會隨著迅速下降的速度做出反應呢？

Next, we will continue to discuss this topic based on our previous articles:

接下來，我們將繼續根據我們以前的文章討論此主題：

1. About Bitcoin's Strategic Reserve

1。關於比特幣的戰略儲備

To be honest, a few years ago, I never dared to imagine that Bitcoin could be included in the U.S. strategic reserve. At that time, I only thought that if Bitcoin could be approved for a spot ETF, it would be a significant milestone.

老實說，幾年前，我從來不敢想像比特幣可以包括在美國戰略儲備中。當時，我只認為如果可以將比特幣批准為ETF，那將是一個重要的里程碑。

However, since Trump's election victory, we have mentioned in previous articles that the U.S. crypto strategic reserve has become a matter of when, not if.

但是，自從特朗普大選勝利以來，我們在先前的文章中提到，美國加密戰略儲備已成為何時的問題，而不是。

From a long-term perspective, the fact that the world's most developed and influential countries can include Bitcoin in their strategic reserves is equivalent to granting Bitcoin a national reserve status similar to gold (although the current U.S. gold reserves have lost their original significance). This will certainly enhance Bitcoin's legitimacy and value support, and it is also beneficial for the better development of the crypto industry (rather than complete unwild development; of course, good development, from a certain perspective, also means that opportunities for ordinary people to get rich will become fewer or more difficult).

從長期的角度來看，世界上最發達和有影響力的國家可以在其戰略儲備中包括比特幣這一事實等同於授予比特幣類似於黃金的國家儲備金（儘管當前的美國黃金儲備已經失去了其最初的意義）。當然，這將增強比特幣的合法性和價值支持，這對於加密行業的更好發展也有益（而不是完全的不願發展；當然，從某個角度來看，良好的發展也意味著，普通人獲得富裕的機會將變得越來越困難）。

Of course, you can also view the U.S. Bitcoin strategic reserve as a new conspiracy or scam; I do not refute that, as everyone can have different perspectives on issues.

當然，您還可以將美國比特幣戰略儲備視為新的陰謀或騙局。我不駁斥這一點，因為每個人都可以對問題有不同的看法。

But from a short-term speculative perspective, the news today that Trump has officially signed an executive order to establish a Bitcoin strategic reserve may lead to a rapid market decline due to several possible reasons:

但是從短期投機的角度來看，特朗普今天正式簽署了一項行政命令來建立比特幣戰略儲備的消息可能會導致市場迅速下降，這可能會導致市場迅速下降：

A common saying in the investment field is that good news landing can be bad news. Today's news can be understood as a landing of the U.S. Bitcoin strategic reserve, which may lead to some speculative selling.

在投資領域的一個普遍說法是好消息降落可能是個壞消息。今天的新聞可以理解為美國比特幣戰略儲備的登陸，這可能會導致一些投機性的銷售。

Many people expected that once the Bitcoin strategic reserve was established, the Trump administration might use fiscal funds to buy more Bitcoin. However, from today's news, the executive order signed by Trump mainly mentioned that the source of Bitcoin reserve funds is limited to confiscated assets and will not increase the burden on taxpayers. This was directly interpreted as the Trump administration not planning to inject new funds to purchase Bitcoin.

許多人希望，一旦建立了比特幣戰略儲備，特朗普政府可能會使用財政資金購買更多比特幣。但是，從今天的新聞開始，特朗普簽署的行政命令主要提到，比特幣儲備金的來源僅限於沒收資產，不會增加納稅人的負擔。這被直接解釋為特朗普政府不打算注入新的資金購買比特幣。

Although the public message also mentioned that "the Treasury and Commerce Departments can formulate plans to acquire more Bitcoin without increasing the taxpayer burden," it still could not prevent people's disappointment. The greater the expectation, the greater the disappointment.

儘管公眾信息還提到“財政部和商業部門可以製定計劃以獲取更多比特幣而不會增加納稅人負擔，但它仍然無法阻止人們的失望。期望越大，失望就越大。

Of course, the above are just some relatively intuitive reasons. Market declines are often determined by a combination of factors, such as the three core aspects of narrative, economy, and policy that we mentioned in previous articles. Short-term market trends are more of a direct reflection of people's emotions influenced by news.

當然，以上只是一些相對直觀的原因。市場下降通常取決於我們先前文章中提到的敘事，經濟和政策的三個核心方面的組合。短期市場趨勢更多地反映了人們受新聞影響的情緒。

Since there is also a White House crypto summit tomorrow (March 8, Beijing time), we do not know what new policy-related news may emerge then, which will also have an immediate impact on the short-term market, so we should continue to pay attention.

由於明天（3月8日，北京時間）也有白宮加密峰會，因此我們不知道那時可能會出現哪些新的與政策有關的新聞，這也將對短期市場產生直接影響，因此我們應該繼續關注。

However, if we take a long-term view, with the implementation and advancement of the U.S. crypto strategic reserve

但是，如果我們在美國加密戰略儲備的實施和進步中採取長期觀點