Bitcoin and Altcoins Follow White House Crypto Summit

Bitcoin and altcoins are closely observing the White House Crypto Summit, hosted by Donald Trump today.

Strategic Bitcoin Reserve

With the critical summit approaching, Trump signed an executive order to create a Strategic Bitcoin Reserve in the US.

White House cryptocurrency advisor David Sacks stated that the reserve would be funded using Bitcoin seized by the government through criminal or civil asset forfeiture, meaning no extra costs will be incurred by taxpayers.

Investor Reactions

This decision has disappointed investors. The lack of immediate purchases means the reserve will act as a strategic stock without exerting buying pressure on the market. According to Deribit data, investors are now increasing their short-term put options on BTC, Ethereum (ETH), and Solana (SOL).

However, call options on XRP remain robust.

Trump’s inability to meet market expectations with this reserve has heightened fears of downside risks, with investors foreseeing further declines in BTC, ETH, and SOL.

Andrew Melville, a research analyst at Block Scholes, noted a strong demand for put options in the short term on BTC, ETH, and SOL, while the outlook for XRP remains positive.

The options reflect market disappointment over Trump’s long-awaited Strategic Reserve executive order, according to the analyst.

> “The short-term trends for BTC, ETH, and SOL options are concentrated in put options.
> However, while the end of April and later maturities are still bullish for BTC and ETH, XRP options show a positive trend for all maturities longer than one week.”

> This is not investment advice.