In the previous issue, we pointed out the reasons why Bitcoin (BTC) prices have struggled to rise, citing the postponement of the Trump administration’s flagship policy “Strategic Bitcoin Reserve (hereafter, SBR)” and the Federal Reserve skipping rate cuts. Although the establishment of the SBR was announced on March 6, the market has continued to show a sluggish trend, leading some to point to “sell the news” behavior. We will analyze whether this is really the case, the underlying factors, and the future outlook.