About two hours ago, Trump signed an executive order to establish a Strategic Bitcoin Reserve

$BTC almost immediately dumped -$6.5k in less than an hour

But why? Isn't the news bullish?

The order states that the government will not acquire additional assets for the reserve beyond those obtained through forfeiture proceedings

This is important, as it means that the the reserve will be compiled of seized $BTC. No additional $BTC acquisitions will be made

A lot of the bullish speculation over the last few days posited that the US govt would be buying $BTC for the reserve. Instead they are merely promising not to sell what they already hold

It's bullish, but not as bullish as some were expecting

Which lead to an overextended move to the downside that is now being corrected

Tomorrow we have the following events in succession:

- NFP + Labour Market Data
- Jerome Powell speaking
- White House Crypto Summit

Last few days has been some of the wildest PA I've seen in all my 4 years in crypto

Tomorrow we could be in for even more

Buckle up boys