Unpacking Trump’s crypto reserve reveal 

The reveal was a sign of how quickly a pro-crypto regime can get the market to turn: eToro market analyst

article-image

President Trump | World Times/Shutterstock modified by Blockworks

share


This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


You know by now that crypto prices saw a lift after Donald Trump’s crypto reserve announcement on Sunday. By early Monday, they’d retreated.

The president listed assets to be included in the stockpile (BTC, ETH, SOL, XRP and SOL) in his post, but did not give any sort of timeline. 

So-called crypto czar David Sacks added: “More to come at the Summit.”

Bitcoin surged roughly 10% on Sunday to about $95,000. At this morning’s market open, it was at about $93,100. By 2 pm ET: $87,300.

Not all were thrilled about the possible inclusion of assets beyond bitcoin (i.e. Brian Armstrong, Nic Carter, Bitwise execs). Check out this piece from Blockworks’ Donovan Choy.

Trump’s reveal was a sign of how quickly a pro-crypto regime can get the market to turn, noted eToro market analyst Josh Gilbert.

“However, the concerns from last week remain unchanged from a macro perspective, and clearly, the market is willing to overlook that for now,” he said. 

“Macro perspective” here means all that inflation and monetary policy stuff. Then there’re the tariffs on Canada and Mexico imports set to hit tomorrow — and a new investigation into lumber imports. 

Macro headwinds and the Bybit hack drove BTC briefly below $80,000 last week. But Trump’s vested interests in the space signal “sell-offs of this nature could continue to be supported moving forward,” Gilbert added. 

Some theorized we’d see a further lift in BTC price Monday as investors sought to pile into bitcoin ETFs after Trump’s weekend message. Those don’t trade 24/7, after all.

Though we won’t know the Monday inflow tally for a bit, volumes for BlackRock iShares Trust (IBIT), as of 2 pm ET, weren’t exactly atypical. 

Source: Yahoo Finance

As we wait for more US crypto reserve details, we’ve seen movement from a number of US states. Sen. Cynthia Lummis said last week she expects one of them to have a BTC reserve before the federal government.

Those comments from the Wyoming Republican came before Trump’s post. Still, the sheer number of state-level proposals signals she could be right.

Though such efforts are effectively dead (at least for now) in five states — Pennsylvania, Wyoming, Montana, North Dakota and South Dakota — 19 others have live proposals, according to Bitcoin Laws data.

A Utah proposal passed the House last month and is working its way through the Senate. Similar planned reserves expect to be soon voted on in the Oklahoma House and the Texas Senate.  

Lummis had, prior to the election, proposed a federal reserve. That was for BTC specifically, and included specifics (a holding period of at least 20 years, funding from revaluing the Fed’s existing gold certificates, etc.), noted S&P Global’s Andrew O’Neill.

“Yesterday’s proposal lacks details on size, timing and whether it will be managed by the Federal Reserve or another new or existing entity,” O’Neill added.

Trump speaking without reserve (see what I did there?) is typical. We’ll see what more we learn on Friday and how Congress could choose to act.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (1).jpg

Research

Jupiter has emerged as the undisputed liquidity backbone of Solana, commanding over 90% of spot DEX aggregation and 80% of perp trading volume. But behind the numbers lies a far more ambitious play: a cross-chain, vertically integrated super-app spanning swaps, synthetics, NFTs, memecoins, and launchpads. This report explores Jupiter’s rapid rise, the monetization upgrades reshaping its revenue profile, and the risks that could unwind its dominance, from token dilution to competition. With annualized revenues nearing $300M, the upside is undeniable, if it can navigate the turbulence.

article-image

Zora’s announcement that its token is for “fun only” sparked a debate about the need for such tokens

article-image

In recent weeks, Helium has hit new all-time highs while passing major protocol milestones

article-image

Financial advisers in a January survey said equity ETFs were their top choice for gaining crypto exposure in 2025

article-image

“Why put a target out there that’s really speculative, not knowing exactly where this environment is going to go?” CarMax CEO Bill Nash said

article-image

While the head of Base may support legal sex work, Coinbase policies prohibit said workers from using its exchange.

article-image

EVM bottlenecks fundamentally hold back Ethereum’s scalability