As President Trump took office for his second term on Monday, many in the crypto community hoped for a mention of bitcoin or a strategic reserve. But the silence on digital assets didn’t deter the market, with BTC holding firmly above the key $100,000 level. Now, all eyes are on MicroStrategy as shareholders vote today on a proposal to increase the software firm’s authorized shares, paving the way for even bigger bitcoin buys.
The steadfast support for BTC comes despite elevated expectations for short-term volatility in the bitcoin options market. Griffin Ardern, head of options trading at BloFin, notes increasing signs of risk aversion among traders since the inauguration. Potential factors include uncertainty around Trump’s plans for tariffs on Canada and Mexico, the looming debt ceiling, and anticipation of a rate hike from the Bank of Japan on Friday that could strengthen the yen and rattle risk assets.
Bitcoin’s Resilience Inspires Optimism
Yet crypto veterans remain undeterred. Valentin Fournier, an analyst at BRN, highlighted bitcoin’s impressive ability to sidestep a feared “sell-the-news” drop post-inauguration, staying firmly above $101,000. While regulatory progress may take time, he expects conditions to improve in the coming weeks.
The weekend launch of the TRUMP memecoin on Solana also marked a shift in the digital asset landscape, according to Laurent Benayoun of Acheron Trading. He sees it driving new capital inflows, especially into BTC and SOL, as fundamental investors recognize positive catalysts.
Potential Volatility Triggers Today
For today, the MicroStrategy shareholder vote takes center stage as a potential volatility trigger. A yes vote would substantially increase the company’s ability to add to its already massive bitcoin holdings. Other key events to watch include:
- The SEC’s first deadline on NYSE Arca’s proposal to list Grayscale’s Solana Trust ETF
- Initial SEC decisions due for Bitwise, Canary, 21Shares and VanEck spot Solana ETFs
- The start of “extraordinary measures” by the US Treasury to avoid breaching the debt limit
With so many potential catalysts in play, the bitcoin market remains on edge. But the brighter undertones since the start of the year, reinforced by BTC’s stability in the face of volatility risks, continues to fuel a bullish outlook for the pioneer cryptocurrency. As ever, only time will tell if optimists or pessimists carry the day.
