The recent increase should still be driven by events. On one hand, the U.S. has unraveled AI chip restrictions and made some progress on tariffs. On the other hand, after New Hampshire passed the first law, two more states have successively passed strategic reserves related to cryptocurrency:

1. Oregon SB167 has been signed into law, updating the state's Uniform Commercial Code and providing much-needed clarity on how to handle digital assets (e.g., legally recognized as collateral).

2. Arizona HB749 has been signed into law; although it does not allow direct investment, it transfers unclaimed assets, airdrops, and staking rewards into reserves.

3. Arizona SB1373 is on the governor's desk; after the passage of HB749, it seems Governor Hobbs is willing to enact legislation supporting cryptocurrency. 1373 is also a strategic reserve but does not utilize pension funds.

I really feel that shorting right now shouldn't be done; I am just a foolish example. It is difficult to predict what events will occur, and recently Trump's distractions have decreased somewhat, so negative impacts may also lessen.