Bitcoin (BTC) has shown signs of resilience, trading steadily around $101,000, but market sentiment is divided as President-elect Donald Trump’s inauguration approaches. Reports suggest that Trump is poised to issue an executive order prioritizing cryptocurrency policy and potentially creating a national strategic bitcoin reserve.

This has raised hopes among crypto enthusiasts for regulatory clarity and easier adoption under Trump’s leadership, especially given his earlier statements of support for the industry. However, Bitcoin’s recent price movements don’t reflect the level of excitement many had expected.

Despite the positive news around Trump’s potential pro-crypto stance, Bitcoin is currently trading at a slight discount on U.S.-listed exchange Coinbase when compared to the global exchange Binance. Data from CryptoQuant shows fluctuations in the Coinbase premium indicator, which measures the spread between Bitcoin’s prices on the two exchanges. This suggests a more cautious U.S. market response compared to previous rallies.

During the November-December rally, U.S. investors led the charge, with Bitcoin surging from $70,000 to over $108,000, accompanied by a significant Coinbase premium. But since mid-December, the cryptocurrency has traded within the $90,000-$108,000 range, indicating that traders are awaiting confirmation of Trump’s crypto policies before committing to major investments.

The upcoming “Inaugural Crypto Ball” event shows that optimism remains, but Bitcoin’s lack of bullish pricing on Coinbase reflects a sense of uncertainty. Traders are likely holding off, waiting to see if Trump’s promised policies will indeed materialize and push the market to new heights.