Signals from the US are increasingly pointing to possible changes in the attitude toward bitcoin, and it seems we won't have to wait long. At the Bitcoin 2026 conference, discussion of a strategic BTC reserve already sounds less like an idea and more like an almost-ready step.
Senator Cynthia Lummis confirmed that the Clarity Act is being prepared for consideration in May. If the process goes smoothly, the document could quickly end up on the president's desk for signature.
A Major Step on the Bitcoin Reserve Is in the Works
Against this backdrop, the reserve itself is being discussed more actively. According to Patrick Witt, work on it has already moved beyond the concept stage and into practical implementation.
«The president has signed an order to create a strategic bitcoin reserve… now we are working through the legal and operational aspects,» he said.
According to him, the executive branch may move further in the near future.
For now, the reserve is being formed from confiscated assets already under government control. But the key stage is ahead, as discussions are underway on how to formalize this model at the legislative level.
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One such initiative is gradually taking shape as the American Reserves Modernization Act. It considers a mechanism for accumulating BTC over the long term.
It provides for the possibility of accumulating up to 1 million BTC over five years using budget-neutral strategies.
While Discussions Continue, Institutions Are Already Entering the Market
While regulators are shaping policy, the market itself is changing rapidly. Crypto analyst Jeff Park draws attention to a shift in derivatives.
For the first time, IBIT options have surpassed Deribit in open interest. This signals that the market is gradually shifting from crypto-focused traders to institutional players.
«The DeVault model no longer reflects the real picture… it only accounts for Deribit options,» Park noted, emphasizing that traditional approaches no longer cover the entire market.
Another important signal is volatility. Implied volatility for IBIT is about 5 points higher than on offshore exchanges. This indicates strong demand for long-term positions betting on growth, especially from investors entering early.
Park's position is clear:
«We will see a strong upward move in bitcoin… and its driver will be IBIT options.«
Two Drivers, One Direction
A rare situation is developing now, where two factors are moving the market in the same direction. On one hand, governments are building long-term positions in bitcoin. On the other, institutions are changing the very structure of trading.
As Park noted:
«The way IBIT is taking market share… shows that we are moving in the right direction.»
Against this backdrop, with both regulatory clarity and demand from major players strengthening at the same time, the next move for bitcoin already seems to be taking shape.
