According to online reports, the latest report jointly released by Gemini and Glassnode provides a data-driven assessment of the impact of the "U.S. Strategic Bitcoin Reserve". The key points include: 1. The centralized treasury, including government agencies, ETFs and listed companies, currently controls 30.9% of the Bitcoin circulation supply, marking a deepening transition to institutional-level infrastructure. 2. Centralized exchanges, U.S. spot cryptocurrency ETFs and regulated derivatives platforms currently account for more than 75% of Bitcoin's adjusted transfers, a significant increase from previous years. 3. The volatility of Bitcoin is on a downward trend, and its integration with traditional finance has made the price trend more consistent. 4. For sovereign allocators such as the Strategic Bitcoin Reserve, investments have the potential to generate short-term market value expansion of up to 25 times.