A recent analysis by QCP Capital noted that, in anticipation of the White House cryptocurrency summit, Trump signed an executive order to establish a "strategic bitcoin reserve and the US digital asset reserve" ahead of schedule. While the move was widely expected to be positive for bitcoin, the market responded in a typical "sell news" reaction, with the bitcoin price falling from $90,000 to $85,000 after signing. The timing of the signing surprised the market, especially those investors who had built positions in anticipation of a more optimistic outcome from the summit. Volatility fell sharply, risk inversion shifted to put options again, and bullish positions from previous positions were quickly squaring. The sharp drop in the market may stem from the recognition that no actual budget has been allocated for bitcoin purchases in the near future. The reserve will initially draw mainly on bitcoin already held by the US government, mainly from criminal or civil asset forfeiture. However, this does not rule out the possibility of continued accumulation of bitcoin in the future. The Treasury and Commerce secretaries have been authorized to explore budget-neutral strategies to acquire more bitcoin, provided that it does not burden taxpayers. While this is not the immediate positive that many were expecting, it is still structurally positive for cryptocurrencies. The risk of a random sell-off of Silk Road bitcoin disrupting the market has been removed, and the US government's commitment to a long-term cryptocurrency strategy has been reaffirmed. With the dust settled on the strategic bitcoin reserve announcement, market expectations for tonight's White House cryptocurrency summit have cooled, and the focus has turned to tonight's non-farm payrolls data.