The US Bitcoin strategic reserve plan has attracted attention. Based on current policy trends, the Trump administration may target three types of crypto assets.

First is the digital assets of rival countries. Bitcoin accumulated through mining or cyber means by Iran, North Korea, and others—these assets carry political significance and scale effects, making them highly likely targets.

Second are the illicit gains of transnational criminal groups. Huge amounts of Bitcoin stored in dark web markets and ransom gangs—this pie is enormous and difficult to combat, but taking action could establish a political image of "cracking down on financial crimes."

The third category is more subtle: early whale wallets holding hundreds of thousands of coins, especially those held anonymously with questionable origins. As blockchain forensic technology advances, some hidden assets are gradually surfacing.

From both political and economic perspectives, targets with "hostile to the state" or "major criminal" labels are most likely to be targeted. These actions can both fill the national treasury and strengthen law enforcement image. As the mid-term elections approach this year, law enforcement actions against high-value crypto assets worldwide may accelerate. Market participants need to closely monitor related developments.