White House Chief Cryptocurrency Advisor: Major announcement on the "Strategic Bitcoin Reserve" plan will be released in the coming weeks.

This is originally a positive signal, which is meaningful for Bitcoin's rally, but it only increased slightly this morning, and Japan's interest rate remaining unchanged is also considered positive, yet Bitcoin hasn't moved much. At the same time, yesterday's ETF outflows exceeded 200 million, and it is very likely that continuous outflows will begin, so Bitcoin remains bearish.

Regarding the strategic reserve matter, if it succeeds as a strategic reserve this time, it won't be a significant positive. As long as Bitcoin doesn't break through 810-850, I still won't consider a bull market to be starting, just a market sentiment boost.

If it passes, this situation will be different from before. Previously, Bitcoin was not recognized by traditional finance, but later ETFs and strategic reserves arrived, aligning with traditional finance. Now the connection has been made, but the scale is far less than gold. The US government won't buy it; they are just hoarding. Meanwhile, Bitcoin faces a very high risk of theft. During global settlement processes, it is actually at a disadvantage. In future China-US balancing, it will be at a disadvantage. Bitcoin's volatility is too high; while circulation is possible, it is not suitable for financial settlement purposes.

From another perspective, the Clarity Act dispute is the best game between old money and new money, and capital's pursuit of profit remains unchanged. Bitcoin's upward logic has shifted from consensus-driven to capital-driven. If ETF outflows continue, Bitcoin's decline will be the best proof.

The US has completed its efforts in the US-Iran conflict. Although Trump shouted loudly, Iran was clearly better prepared. Releasing analysis and dissection images of last year's B2 bomber ground-penetrating bombs was a slap in the face for the US. With your level, you still act so arrogantly. If you don't accept our conditions later, we will continue to push back. This is also why Trump agreed to negotiations; why negotiations failed is because accepting Iran's terms would be too humiliating and damaging face. In this context, Bitcoin strategic reserves do not substantially increase capital inflows.

Everyone has already seen America's shortcomings. Previously, central banks from various countries might have used Bitcoin as strategic reserves, but now they won't at all. Trump has gone to the Middle East, and even allies are no longer following.