Is the bull market really over? After taking office, Trump signed an executive order to strengthen America's leadership in digital financial technology, As follows: Support for digital assets: By protecting the rights to use public blockchain, mine, verify, trade, and self store digital assets, Encourage responsible growth of digital assets, blockchain, and related technologies. Stablecoins: Promote the development of stablecoins supported by the US dollar worldwide and maintain the sovereignty of the US dollar. Bank access: Advocate for all law-abiding citizens and entities to enjoy fair and open banking services. Regulatory clarity: aims to provide clear, technology neutral regulation for digital assets to promote innovation and a vibrant digital economy. Strategic Reserve Potential: The Crypto Working Group will evaluate the establishment of a national digital asset reserve, which may come from legally seized cryptocurrencies Despite these favorable policies, they have accelerated the selling of long-term BTC holders, in addition to micro strategy increases: 1. Long term holders choose to sell BTC above 100000 yuan 2. BTC holders accelerate selling of BTC since Trump's election victory 3. The number of active BTC wallets has surpassed the previous high of 2021 on the other hand: After the Long Term Holder Net Unrealized Profit/Loss (LTH-NUPL) exceeded 0.75 in December 2024, a large number of long-term holders began to take profits, and the cryptocurrency market also entered a downward trend, which is very similar to 2017 and 2021. What is the next step? Due to the fact that in most cases, negative news dominates the impact of positive news, any information interpreted as negative in the market will hide substantial positive news, such as Bitcoin strategic reserves, Trump's loose regulation, and stimulus economic policies. At present, any bearish sentiment is not substantial, but emotional, but positive. Therefore, 2025 will not enter a bear market. On the contrary, a bull market will continue for a period of time. Bitcoin ETH SOL bull market