Has the US strategic Bitcoin reserve policy shifted? Can crypto ETFs break free from the dilemma?

【Crypto World】The days of Bitcoin mining seem to be getting harder and harder. Network difficulty continues to rise, coupled with high energy costs, leading to a recent sharp decline in mining profitability, which directly dragged down the First Trust SkyBridge Cryptocurrency and Digital Economy ETF (CRPT)—this fund fell 9.52% last year. Major holdings like MARA and MicroStrategy have also been affected.

However, the trend may be about to change. An executive order set to be implemented by the US government in March 2025 signals a major shift: establishing a strategic Bitcoin reserve and officially incorporating Bitcoin into the national reserve asset system. This policy shift is undoubtedly a positive for CRPT’s investment portfolio. Key positions such as a compliant platform (4.5%) and Bitcoin asset management company Metaplanet (13.8%) are expected to benefit from this.

Market intuition is very sharp. Top analysts like JPMorgan have raised Bitcoin’s fair value target to nearly $170,000. From this perspective, although CRPT is currently in a downtrend, once the strategic reserve fire is ignited, the entire ecosystem’s imagination space will be unlocked.