Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A Democrat lawmaker has opposed US President Donald Trump’s plan to increase the government’s Bitcoin holdings by creating a strategic reserve.

House Rep. Gerald E. Connolly of Virginia urged the US Department of the Treasury to halt the proposed Bitcoin reserve, suggesting that Trump has a conflict of interest in pushing for it.

Lawmaker: Stop BTC Reserve

Connolly wrote a letter to US Department of Treasury Secretary Scott Bessent urging the Secretary to “cease all attempts” that push for the establishment of a strategic Bitcoin reserve, claiming that it will only enrich Trump and his allies.

“The creation of a strategic cryptocurrency reserve is poised to enrich the President and his closest allies at the expense of American taxpayers,” Connolly said. “I urge you to cease all plans to create a strategic cryptocurrency reserve.”

The Virginia lawmaker criticized the cryptocurrency proposal because only Trump and his donors will benefit from it.

Rep. Connolly urges U.S. Treasury to scrap plans for strategic crypto reserve

Virginia Rep. Gerry Connolly sent a letter to U.S. Treasury Secretary Scott Bessent on March 13, urging the department to halt plans for establishing a strategic crypto reserve. According to a press…

— CoinNess Global (@CoinnessGL) March 14, 2025

Major Crypto Holders

Connolly said that Trump, his family, and his closest allies are owners of cryptocurrencies, citing that the President’s family owned The Trump Organization, which maintains “significant ownership in World Liberty Financial.”

The lawmaker described it as a cryptocurrency venture that “aspires to be a sort of digital asset bank, where customers will be encouraged to borrow, lend and invest in digital coins” with even the President claiming World Liberty Financial as “the future of finance.”

He added that the President’s sons, Eric Trump and Donald Trump Jr., have advocated several cryptocurrencies, pointing out the connection between the Trump family and cryptocurrencies.  

The Democrat legislator mentioned that the American President even introduced a new meme coin in January called TRUMP, saying, “Entities related to President Trump have reportedly made as much as $100 million in trading fees alone for this venture, which has been called his “most lucrative get-rich scheme yet.”

He noted that a crypto strategic reserve has “no discernible benefit to the American people.”

Unsound Fiscal Policy?

Connolly argued that the Bitcoin reserve is an “unsound fiscal policy” because the selection of winning currencies will be done through social media, adding that it will only waste “taxpayer dollars on a plan that one federal reserve official described as ‘the dumbest idea’ ever.”

“The United States has historically, through acts of Congress, created reserves of certain commodities of strategic value, such as petroleum, particularly during times of economic crisis. However, no strategic need has arisen that would necessitate investment in the volatile and speculative cryptocurrency market,” the lawmaker said.

He described the Bitcoin reserve as “nothing more than a highly speculative taxpayer-backed hedge,” saying that if crypto crashes, “the State will deploy this fund to rescue it.”

Featured image from The Independent, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to reports, Ark Invest has added 997 Bitcoin (BTC) to its holdings in two separate transactions. The asset management firm, led by Cathie Wood, made the purchases on March 13, 2025, through Coinbase. The total value of the acquisition is estimated at approximately $80 million.

Ark Invest Executes Two Bitcoin Transactions

Based on data by Arkham Intelligence, Ark Invest bought 498 BTC in its first transaction, followed by another 499 BTC. The purchases were made at a time when the top crypto’s price was experiencing slight fluctuations. As of March 14, 2025, Bitcoin was trading at $82,234, down 1.40%.

Analysts note that while Bitcoin’s price has seen recent volatility, Ark Invest’s decision to buy suggests confidence in a potential price rebound. The firm has previously capitalized on price dips, making substantial purchases when the market was under pressure. Some experts believe this latest move is a sign that ARK expects BTC to appreciate in the coming months.

ARK INVEST RECEIVED $80M OF $BTC FROM COINBASE TODAY

ARK INVEST IS BUYING BITCOIN pic.twitter.com/FmpyoNa15A

— Arkham (@arkham) March 13, 2025

Ark Increases Stake In Coinbase

On top of its Bitcoin acquisition, Ark Invest also increased its position in Coinbase, buying over 64,000 shares valued at around $11.50 million. This marks the firm’s largest Coinbase investment since August last year. Reports indicate that Coinbase now accounts for more than 7% of the Ark fund, making it the fund’s third-largest holding.

Coinbase has been a key part of Ark’s investment strategy for years. The firm has consistently added shares of the exchange, reinforcing its belief that the platform will continue to benefit from increased cryptocurrency adoption. Coinbase’s stock has faced some pressure amid regulatory concerns, but Ark’s purchase suggests it sees long-term potential.

Cathie Wood Remains Bullish On Crypto

Analysts claim that Ark Invest has continuously shown faith in Bitcoin and the cryptocurrency industry as a whole. Despite market instability, the company has been making active investments in digital assets. According to reports, Wood still believes that Bitcoin is a significant financial asset with room to expand in the future.

Wood has said in the past that Bitcoin may finally reach new all-time highs because there aren’t many of them and they’re becoming more and more popular. It’s clear that the company is willing to take a chance on long-term benefits by pouring massive amounts of money in the asset, even when the market goes down.

What It Means For The Market

People who follow the market are paying close attention to what Ark Invest has been doing lately. Institutional purchases in Bitcoin often change how the market feels as a whole. Some people believe that Bitcoin is still valuable even though its price has been going up and down lately.

Featured image from Gemini Imagen, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

The crypto market is set to see $3.29 billion in Bitcoin and Ethereum options expire today, a development that could trigger short-term price volatility and impact traders’ profitability.

Of this total, Bitcoin (BTC) options account for $2.88 billion, while Ethereum (ETH) options represent $417 million.

Bitcoin and Ethereum Holders Brace For Volatility

According to data on Deribit, 35,176 Bitcoin options will expire today, slightly higher than last week, where 29,005 BTC contracts went bust. The options contracts due for expiry today have a put-to-call ratio of 0.74 and a maximum pain point of $86,000.

The put-to-call ratio indicates a generally bullish sentiment despite the pioneer crypto’s ongoing descent from the $90,000 mark.

Meanwhile, 220,301 Ethereum options will expire today, down from 223,395 last week. With a put-to-call ratio of 0.69 and a max pain point of $2,100, the expirations could influence ETH’s short-term price movement.

As the options contracts near expiration at 8:00 UTC today, Bitcoin and Ethereum prices are expected to approach their respective maximum pain points. According to BeInCrypto data, BTC was trading for $81,992 as of this writing, whereas ETH was exchanging hands for $1,891.

This suggests a potential recovery for Bitcoin and Ethereum prices as smart money aims to move them toward the “max pain” level. According to the Max Pain theory in options trading, prices tend to gravitate toward strike prices where the highest number of contracts, both calls and puts, expire worthless.

“Max pain has been ticking lower week after week. Do you see this continuing, or is a reversal coming?” Deribit analysts posed.

Nevertheless, price pressure on BTC and ETH will likely ease after 08:00 UTC on Friday when Deribit settles the contracts. However, the sheer scale of these expirations could still fuel heightened volatility in the crypto markets.

Analysts Discuss Crypto Market Sentiment

According to analysts at Greeks.live, market sentiment is predominantly bearish in the short-term despite positive US CPI (Consumer Price Index) data earlier this week.

“Traders are watching key potential support levels and discussing a potential bottom for BTC, with some suggesting $60,000 levels as a possible downside target,” the analysts wrote.

The analysts also note that some believe President Trump’s tariffs and inflation are more significant market drivers than geopolitical events like a Ukraine peace deal.  

“Vladimir Putin says he agrees with proposals for ceasefire – but adds he has questions and Russia ‘now on the offensive in all areas’,” Sky News reported.

Analysts note that peace and stability could fuel market confidence, which could be bullish for stocks and crypto. This aligns with a recent JPMorgan survey, in which 51% of traders identified tariffs and inflation as the top market movers for the year.

Elsewhere, analyst Tony Stewart discusses option flows in the crypto market, focusing on Bitcoin derivatives trading on Deribit. He indicates shifts in market sentiment and trading strategies that saw put buyers and call sellers profit from the March 11 price dip to 76,500 levels, followed by a less supported bounce back due to heavy selling of calls above $90,000.

According to Stewart, this highlights a strategic rotation by traders, moving from overly optimistic March and June call positions to more conservative April and May calls. It also reflects adjustments to market volatility.