The market had expected an executive order to support the digital asset space, but it did not appear in a series of actions on Trump's first day in office, instead focusing on topics such as immigration, trade, energy and TikTok. TD Cowen analyst Jaret Seiberg said that the crypto market has been expecting a relevant order, but Trump may sign a crypto-related executive order that is not substantive. Richard Galvin, co-founder of hedge fund DACM, believes that given the Trump administration's set of priorities, it is too early to draw strong conclusions from the absence of an immediate executive order, and the market has shown resilience, suggesting that investors should take a similar long-term view.