In a week of market swings, all eyes are on Washington as speculation builds around Trump’s proposed Bitcoin reserve. With prices hovering around $90,000, the crypto market is reacting to repeated announcements with both excitement and skepticism. “They will continue to announce a reserve until the monkeys stop pressing the buy button every time they do,” said Fundstrat’s Sean Farrell, capturing the sentiment around what many see as recycled headlines driving volatility.

Farrell, who has been closely tracking the proposed reserve, notes that the details remain frustratingly vague. “We still don’t know how they actually plan to implement this reserve… when they plan to do it, how big it will be, what assets, what will the criteria be for the assets that are included?” While the market initially rallied on the news, the uncertainty — and some surprising asset inclusions in Trump’s Truth Social posts — left investors hesitant. “Had there been more certainty around the reserve and had there not been some suspect assets… perhaps we would have seen a little more follow-through,” he said.

One of the biggest shockwaves came from the unexpected inclusion of Solana, Cardano, and Ripple in the reserve discussions . Farrell didn’t mince words on their place in a strategic asset portfolio. “I feel pretty strongly that Bitcoin is the only asset, crypto asset, that has a place in any strategic reserve,” he said. While he acknowledged that altcoins have speculative value, the idea of the government picking winners among what he called “quasi tech stocks” introduces “some perverse incentives.”

The inclusion of Ripple and Cardano was particularly surprising, given their relatively low network usage compared to other blockchains. “The two assets in Cardano and Ripple are essentially, you know, call a spade a spade… they’re ghost chains,” he stated, pointing to data showing minimal real-world activity. “I’ve still yet to meet anyone, really, outside of people that are involved with the projects that use those chains.”

Despite skepticism around the altcoin rally, Farrell remains bullish on Bitcoin and Solana, particularly with institutional adoption on the rise. “Solana has a very appetizing story here, and I still like adding Solana here,” he said, highlighting major unlocks already behind the project and the upcoming CME futures launch planned for March 17. He sees a Solana ETF as a strong possibility, despite the market’s lackluster response to Ethereum’s ETF debut. “We didn’t see a huge pop because we were wading through a macro backdrop that was… global risk moving lower expeditiously.”