特朗普的BTC储备公告导致市场下降

让我们简要回顾过去几天最近的波动：

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

让我们简要回顾过去几天最近的波动：

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（北京时间），特朗普宣布了真相社会的宣布，美国将推进加密战略储备，包括BTC，ETH，XRP，SOL，ADA等，以确保美国成为世界的加密资本。

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%.

随着这个突然的消息，市场开始迅速上升。例如，BTC从85,000美元飙升至95,000美元，ETH上涨了18％，XRP增长了38％，SOL增长了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，这种激增并没有持续很长时间。随着3月3日美国股票市场的开业，再加上有关关税和其他因素的新闻，比特币和各种山寨币又开始迅速下降。大约一天后，市场完全消除了特朗普的“战略预备役”新闻带来的所有收益。

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.

随着3月8日（北京时间）举行的白宫加密峰会的期望，过去几天，市场一直在持续波动。但是，今天（3月7日，北京时间），有消息传出，特朗普已签署了一项行政命令，以正式建立美国战略比特币储备。如下图所示。

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.

但是在这一消息迅速传播之后，市场进入了快速下降模式，比特币在半小时内下降了6％。如下图所示。

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

在这里，我们可能需要继续考虑一些问题：

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

最近的市场的波动是幻想吗？还是鲸鱼故意操纵市场并以低价购买？

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?

美国已经授予比特币具有类似于黄金的国家储备状况，从长远来看，这肯定会增强比特币的合法性和价值支持。但是，为什么市场会随着迅速下降的速度做出反应呢？

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

接下来，我们将继续根据我们以前的文章讨论此主题：

1. About Bitcoin's Strategic Reserve

1。关于比特币的战略储备

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.

老实说，几年前，我从来不敢想象比特币可以包括在美国战略储备中。当时，我只认为如果可以将比特币批准为ETF，那将是一个重要的里程碑。

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，自从特朗普大选胜利以来，我们在先前的文章中提到，美国加密战略储备已成为何时的问题，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).

从长期的角度来看，世界上最发达和有影响力的国家可以在其战略储备中包括比特币这一事实等同于授予比特币类似于黄金的国家储备金（尽管当前的美国黄金储备已经失去了其最初的意义）。当然，这将增强比特币的合法性和价值支持，这对于加密行业的更好发展也有益（而不是完全的不愿发展；当然，从某个角度来看，良好的发展也意味着，普通人获得富裕的机会将变得越来越困难）。

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.

当然，您还可以将美国比特币战略储备视为新的阴谋或骗局。我不驳斥这一点，因为每个人都可以对问题有不同的看法。

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:

但是从短期投机的角度来看，特朗普今天正式签署了一项行政命令来建立比特币战略储备的消息可能会导致市场迅速下降，这可能会导致市场迅速下降：

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.

在投资领域的一个普遍说法是好消息降落可能是个坏消息。今天的新闻可以理解为美国比特币战略储备的登陆，这可能会导致一些投机性的销售。

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.

许多人期望，一旦建立了比特币战略储备，特朗普政府可能会使用财政资金购买更多比特币。但是，从今天的新闻开始，特朗普签署的行政命令主要提到，比特币储备金的来源仅限于没收资产，不会增加纳税人的负担。这被直接解释为特朗普政府不打算注入新的资金购买比特币。

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.

尽管公众信息还提到“财政部和商业部门可以制定计划以获取更多比特币而不会增加纳税人负担，但它仍然无法阻止人们的失望。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.

当然，以上只是一些相对直观的原因。市场下降通常取决于我们先前文章中提到的叙事，经济和政策的三个核心方面的组合。短期市场趋势更多地反映了人们受新闻影响的情绪。

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.

由于明天（3月8日，北京时间）也有白宫加密峰会，因此我们不知道那时可能会出现哪些新的与政策有关的新闻，这也将对短期市场产生直接影响，因此我们应该继续关注。

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

但是，如果我们在美国加密战略储备的实施和进步中采取长期观点