How one small BTC transfer exposed the fine print behind Trump’s ‘never sell’ strategic Bitcoin reserve

A small on‑chain transfer revealed that Trump’s touted “never sell” Bitcoin reserve was limited by legal and custody fine print: the pledge applied only to coins held in a specific designated account and contained mechanisms that would permit transfers or reclassification under certain conditions. The disclosure shows the promise was largely rhetorical rather than an irrevocable constraint on disposition. Implication for Bitcoin: political or PR-driven reserve claims can mask latent liquidity risk, meaning markets should not assume such announced holdings are permanently off‑market.