On March 5th, according to The Block, Bitwise Chief Investment Officer Matt Hougan said that the market's reaction to Trump's crypto reserve plan was "over-interpreted", and despite the plan's flaws, it was still good news overall. After Trump announced on Sunday that he instructed the working group to move forward with the US crypto strategic reserve plan, including BTC, ETH, XRP, SOL, and ADA, these assets rose by 10%, 15%, 25%, 30%, and 70% respectively from last week's lows, but then Bitcoin fell by more than 10% and Ethereum plummeted by more than 15%. In a note to clients on Tuesday, Hougan noted that the market's reservations about the plan were largely due to the reserve's inclusion of crypto assets other than bitcoin, "especially the inclusion of speculative assets such as Cardano, which feels more like a political consideration than a strategic choice". He highlighted three key factors that the market had overlooked: first, Trump's negotiating style meant that the initial proposal would not be final; second, the US move could trigger a global race to accumulate bitcoin; and finally, once purchased, these crypto assets are likely to be held for a long time and will not be sold. Bitwise CEO Hunter Horsley, Coinbase CEO Brian Armstrong and Gemini founder Winklevoss share the view that pure bitcoin reserves are the best option. Hougan expects the Trump administration to eventually move forward with some form of reserve plan. "The U.S. government's declaration that cryptoassets are'strategic 'is a good thing in itself, and I think the market will eventually wake up to that."