#国家战略比特币储备 This event reminds me of the time in 2013 when Silk Road was shut down. Back then, everyone was discussing what the government would do with the confiscated bitcoins, and the conclusion was—sell them. The US did exactly that, auctioning off batch after batch.

But the logic now is completely different. Executive Order 14233 signed by Trump explicitly states: confiscated bitcoins should be included in the national strategic reserve and are prohibited from sale. This is a signal that Bitcoin is being reclassified from a "prohibited item" back to a "strategic asset."

Look at the 57.55 coins seized by the DOJ in November 2025—about $6.37 million—just transferred via Coinbase Prime, with the address balance now zero. On the surface, this appears to be a standard law enforcement process, but deeper down, it reveals a certain paradox: at the administrative level, there is encouragement to hoard coins and build a national reserve, while at the judicial level, the old logic is still being applied.

This reminds me of the 2017 bull market. At that time, governments still viewed Bitcoin as illegal proceeds—confiscate when needed, sell when necessary. But this time, illegal sales have become news. What does this indicate? The policy framework has changed, but the inertia at the enforcement level has not yet caught up.

Historically, whenever the government shifts from "crackdown" to "accumulation," the market begins to see real systemic change. Not because of a single order, but because of the broader direction that order represents—the attitude of the national financial system toward Bitcoin is being reshaped.

This time, the "illegal" activity might reveal more about the situation than regulations themselves.