Trump's reported Bitcoin holdings (allegedly worth millions) have the following major impacts on the crypto market:

1. **Boosting Market Sentiment:** Public holdings by political celebrities, especially former presidents, are seen as a strong endorsement of cryptocurrency, potentially enhancing market confidence and attracting new attention.

2. **Political-Linked Trading Heats Up:** This may stimulate trading activity of MEME coins related to Trump or the Republican Party (such as $TRUMP), triggering short-term speculation.

3. **Strengthening the 'Crypto-Friendly' Label:** Consolidating Trump and the Republican Party's image as part of the 'pro-cryptocurrency' camp may influence voters (especially crypto users).

4. **Impact on Policy Expectations:** Increasing market expectations for the implementation of more lenient cryptocurrency regulatory policies if he is elected.

**Summary:** Short-term significantly benefits market sentiment, especially related concept coins; long-term impact will depend on actual policy implementation. However, it is important to note the risk of market volatility, as a single event is not a decisive factor.