Main Points:

1. Bitcoin fell after the announcement of the strategic reserve, primarily due to a correction of the market's overly high expectations, as Trump's executive order did not involve plans for direct government participation.

2. Under a neutral budget framework, asset replacement is the most operable solution for accumulating Bitcoin, but the Treasury lacks congressional authorization, leaving operational space still limited.

3. In the long term, the core value of Bitcoin's strategic reserve lies in restraining government-level sell-offs while also demonstrating a signaling effect.

4. Reducing the government deficit has entered a deep-water zone, and Trump is likely to continue pressuring the Federal Reserve on interest rate cuts, with the possibility of artificially creating pressure on non-farm payrolls. Interest rate cuts have become the most likely positive factor to reverse market downturns in the short to medium term.