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Crypto analysts warn that leveraged momentum trades tied to Bitcoin, Nasdaq, and the dollar are unwinding, with Trump-related positions "blowing up" amid a broader risk-off shift.

Traders are disappointed the crypto reserve plans won’t add any buying pressure to the market, at least in the near term, with few catalysts to buoy the market.

White House crypto and AI czar David Sacks said on X that the stockpile will also include other coins forfeited in criminal or civil proceedings

WASHINGTON (Reuters) -U.S. President Donald Trump has signed an executive order to establish a strategic reserve of cryptocurrencies by using tokens already owned by the government, disappointing some in the market who had hoped for a firm plan to buy new tokens. The announcement, made on Thursday ahead of a meeting with crypto executives at the White House later on Friday, sent the price of bitcoin down by around 5% to $85,000. A "Strategic Bitcoin Reserve" will be capitalized with bitcoin owned by the federal government that was seized as part of criminal or civil asset forfeiture proceedings, the White House crypto czar, billionaire David Sacks, said in a post on social media platform X.

Ripple CEO Brad Garlinghouse stands to benefit from the inclusion of the XRP token in a U.S. digital-asset stockpile.

President Trump is advancing policy and regulations by creating a "Strategic Bitcoin Reserve" aimed at making the U.S., the crypto capital of the world. Other cryptos may also play a role.

President Donald Trump signed an executive order Thursday establishing a government reserve of bitcoin, a key marker in the cryptocurrency's journey towards possible mainstream acceptance. Under Trump's new order, the U.S. government will retain the estimated 200,000 bitcoin it's already seized in criminal and civil proceedings, according to Trump's “crypto czar” David Sacks.