美国正式开设了战略性比特币储备，但市场似乎并不关心。

上周，美国正式创建了战略性比特币储备，但市场似乎并不关心。

Last week, former President Trump took to Truth Social to announce that he would “move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.”

上周，前总统特朗普（Trump）实现了社交活动，宣布他将“迈向XRP，SOL和ADA在内的加密战略储备。”

The post immediately sparked a rally in the mentioned crypto assets. One trader on the decentralized perpetuals exchange Hyperliquid reportedly profited over $1.6 million by taking a 50x leveraged long position on BTC and ETH ahead of the announcement.

该帖子立即在上述加密资产中引发了集会。据报道，一位分散的永久性交易商交易所交易过度流动性在宣布之前在BTC和ETH上占据了50倍的长期职位，从而获得了超过160万美元的利润。

The next day, the S&P500 dipped as much as 3%, causing every asset except for ADA to close lower than before the Sunday pump.

第二天，S＆P500下降了多达3％，导致所有资产除了ADA关闭以下，低于周日泵之前。

Bitcoin has since moved up a bit, while the others remained flat.

此后，比特币有点上升，而其他比特币保持平坦。

Then on Thursday Trump signed an Executive Order (EO) establishing a Strategic Bitcoin Reserve (SBR). As if to prove a point to people not convinced that markets are often irrational in the short term, the price of bitcoin promptly dropped. Bravo!

然后在周四，特朗普签署了一项行政命令（EO），建立了战略比特币储备（SBR）。仿佛要证明人们不相信市场在短期内通常是不合理的，比特币的价格迅速下降了。勇敢！

To be fair to the fickle markets, there were a number of factors that contributed to the decline. The S&P500 was down 1.9% on the day, over 4.5% since Monday. The SBR, while historic in nature, wasn’t as good as it could’ve been. Unlike the aspirational bill being pushed by Senator Lummis, the current SBR won’t be using taxpayer funds to buy bitcoin.

为了公平地说，善变的市场有许多因素导致下降。自星期一以来，当时的标准普尔500指数下降了1.9％，超过4.5％。 SBR虽然自然具有历史性，但并不像原来的好。与参议员卢米斯（Lummis）参议员推动的理想法案不同，目前的SBR不会使用纳税人资金购买比特币。

The Executive Order also established a U.S. Digital Asset Stockpile (DAS), consisting of digital assets other than bitcoin forfeited in criminal or civil proceedings. To make it clear, the reserve will contain only bitcoin, while the stockpile is for all the other riff-raff. Both will be initially capitalized from assets forfeited to the government through criminal or civil asset forfeiture proceedings.

该行政命令还建立了美国数字资产库存（DAS），该资产由刑事或民事诉讼中没收的比特币以外的数字资产组成。为了清楚地表明，该储备只包含比特币，而库存则适用于所有其他即兴演奏。两者最初将通过刑事或民事资产没收程序从没收给政府的资产中大写。

Aside from the asset composition, the key differences between the two are: 1) the reserve will actively try to acquire more bitcoin and has a policy of not selling, while the stockpile will not seek to acquire

除了资产组成之外，两者之间的关键区别是：1）储备金将积极尝试购买更多比特币，并且有不出售的政策，而库存不会寻求收购

The overall reaction on CT to Trump’s EO has been tepid, no doubt due to the price action. The price of bitcoin looks beholden in the short term to macro considerations. However, over time, I think this will be recognized as a historical event. I think it’s likely that this will be remembered as the official beginning of the arms race for nations to hold bitcoin.

由于价格行动，毫无疑问，CT对特朗普EO的总体反应一直很温和。比特币的价格在短期内看上去很宏观考虑。但是，随着时间的流逝，我认为这将被公认为是历史事件。我认为，这很可能会被人们铭记为武装竞赛的官方开始，以供各国举行比特币。