The US strategic reserve has landed, although it will not actively buy BTC, at least the formal purpose has been achieved, and it is not ruled out that other countries will buy it. From the perspective of price response, it is not as expected by the market. It is expected that the impact of Trump's market on the overall market will gradually weaken. With fewer and fewer predictable events, the encryption industry will enter a new stage. Attention should be returned to the application layer. More opportunities can be created in the next 1-2 years by easing compliance and supervision.