Not a Reserve, But a Stockpile?
Weekly Recap: Trump takes action the first week back as ETFs are filed amidst the potential for a Digital Asset Stockpile, not a Strategic Reserve.
Bitcoin has had a tumultuous yet ultimately green week, up just about 1% despite all the hype around a potential executive order from President Trump establishing a Strategic Bitcoin Reserve.
That order never came, despite many teasing announcements that caused markets to turn choppy, with BTC whipsawing 2%-3% multiple times on Thursday alone as expectations were thrown around. Still, the king coin stayed above the psychological $100k mark and currently sits near ~$105k, bolstered by U.S. dollar weakness as the DXY index hit its lowest since mid-December. With the SBR unlikely to happen for some time, eyes have shifted toward next week’s FOMC meeting and Magnificent Seven earnings, which may or may not provide more momentum for the market. All in all, best to sit tight.
Lots of capitulation even when $btc is above $100k
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David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
