Bitcoin was near $104,700 as Trump’s crypto order stopped short of a reserve

A quiet weekend after a noisy policy week

CoinMarketCap’s archived snapshot for January 25, 2025 placed bitcoin at $104,714.65. The dataset showed a 0.10% decline over its displayed 24-hour window and a 0.29% gain over seven days. It also listed bitcoin’s market capitalization at $2.075 trillion, rounded from $2,074,929,493,963.79, and displayed $23.889 billion in 24-hour volume.

That is a subdued event-day record after an unusually consequential policy week. Reuters reported that bitcoin reached a record $109,071 on January 20, 2025 and traded at $106,048 at 17:14 GMT on January 24, up 2.8% for that day. The January 25 CoinMarketCap snapshot was about 4.0% below the Reuters-reported record, a Coinburn calculation using the two published figures. Because the observations come from different timestamps and methodologies, that percentage is context, not a venue-specific drawdown.

What the executive order actually said

President Donald Trump’s January 23, 2025 executive order established a President’s Working Group on Digital Asset Markets and directed it to recommend a federal framework for digital assets, including stablecoins. The order gave the group 180 days to submit its report.

For markets, the wording around government holdings was especially important. The order did not create a bitcoin reserve or direct the government to buy bitcoin. It instructed the group to evaluate the potential creation and maintenance of a “national digital asset stockpile” and to propose criteria, potentially using cryptocurrencies lawfully seized by federal authorities.

The order also revoked Executive Order 14067, directed Treasury to revoke its July 7, 2022 international-engagement framework to the extent specified, and prohibited agencies—except where required by law—from taking action to establish, issue or promote a U.S. central bank digital currency. Those were concrete policy changes. A stockpile, however, remained an assignment for study rather than an established asset pool.

Reuters captured that distinction in the contemporaneous market reaction on January 24. Its report said the measures supported industry expectations but remained light on detail, while the absence of an explicit bitcoin strategic reserve tempered enthusiasm heading into the weekend.

The broader January 25 tape

The CoinMarketCap snapshot showed that the modest bitcoin move was not a uniform retreat across large digital assets. Ether was listed at $3,317.27, up 0.23% over 24 hours, while solana was $256.07, up 1.07%. XRP was $3.1097, up 0.20%. These are aggregator observations for the displayed windows, not official closing prices.

That distinction matters because crypto trades continuously and has no single consolidated closing auction. CoinMarketCap’s historical page does not identify an exchange execution or provide an intraday high and low in the displayed table. Its price, market-cap and volume fields aggregate market information, so they should not be treated as the exact experience of every venue or trader.

What January 25 established

The defensible conclusion is narrow: on January 25, 2025, bitcoin remained above $104,000 while its displayed 24-hour and seven-day changes were both inside one percentage point, even after the new administration had made a major change in federal digital-asset policy. The available evidence supports consolidation, not a claim that the executive order caused a particular price.

The date therefore matters as a checkpoint between political promise and institutional execution. Traders had a signed order, a working-group deadline and a stockpile study. They did not yet have a reserve mandate, purchase schedule, eligible-asset list or implementing regulation. This reconstruction preserves that event-day uncertainty and does not use later policy or price outcomes to reinterpret the January 25 record.