Crypto traders are feeling disillusioned after President Donald Trump’s recent executive order to establish a U.S. strategic crypto reserve, with many left disappointed that the plan won’t provide immediate buying pressure to the market.

Over the last 24 hours, major cryptocurrencies including XRP, Dogecoin (DOGE), and Cardano (ADA) have seen sharp declines, falling as much as 9%. This drop followed Trump’s directive to create a Bitcoin Strategic Reserve, which will hold Bitcoin (BTC) that the government has previously seized. Additionally, the reserve will include a “crypto stockpile” of other assets seized in criminal or civil cases. However, the lack of any new buying of tokens like XRP, ADA, ETH, or Solana (SOL) has left investors feeling let down.

The announcement reversed the bullish sentiment that had been building throughout the week, particularly after Trump’s comments that suggested a broader inclusion of cryptocurrencies in the reserve. Traders had hoped that the reserve would offer a significant market boost, but the focus will only be on seized assets, with no mention of new purchases for the reserve.

Earlier this week, Dogecoin (DOGE) saw a notable surge of up to 12%, largely driven by a filing with the SEC for approval of a Bitwise DOGE exchange-traded fund (ETF). Traders had speculated that DOGE could be included in the strategic reserve, but this prospect has now been ruled out, contributing to the token’s decline.

Bitcoin, central to the reserve plan, also faced a downturn. It dropped by 4.5%, falling from a 24-hour peak above $93,000 to under $88,000. The broader CoinDesk 20 index, which tracks the largest cryptocurrencies, also lost 5%, while smaller altcoins took hits of up to 10%.

The market downturn triggered over $400 million in liquidations from bullish crypto futures positions, with $230 million of that coming from Bitcoin-related products.

Looking ahead, traders are now focused on the White House Crypto Summit set for March 7, though many remain skeptical about its potential impact.

“After the strategic reserve announcement failed to meet expectations, traders are tempering their hopes for the summit,” said Nick Ruck, director at LVRG Research. “There’s no indication that Trump will present anything substantial, and the risk-off sentiment is still strong in the market.”

While there is still some hope for unexpected developments at the summit, with blockchain leaders and key government figures attending, the outlook remains uncertain, and many traders are holding off on making any major moves.