Bitcoin down 47% from October $125K high to ~$65K. Trump ignored crypto entirely in 108-minute SOTU speech (Feb 24). Strategic Bitcoin Reserve still in legal limbo. Standard Chartered slashed BTC forecast to $50K. GENIUS Act stablecoin law signed. SEC enforcement era over, DOJ crypto team disbanded. Interactive compliance tools.
Trump made no mention of Bitcoin, crypto, or digital assets in his State of the Union address. BTC pumped to $66K before the speech on "buy the rumor" — then dropped 1.5% to $65K after no mention ("sell the news"). Brief bounce to $70K on Feb 25 from Nvidia earnings.
BTC price trajectory: Down 47% from October 2025 peak of $125K. Standard Chartered slashed 2026 forecast to $50K. Polymarket shows 62% of bettors expect sub-$50K this year. ETF AUM down 30.5% since Jan 1.
Strategic Bitcoin Reserve: Still in limbo. Patrick Witt (White House Digital Assets Council) said in January there are "obscure legal provisions" to overcome. US government holds ~328,372 BTC from forfeitures — largest known state holder of bitcoin.