title: By Omkar Godbole (All times ET unless indicated otherwise)

The flip-flopping nature of the crypto market is on full display as the sentiment on social media has changed from "it's so over" to "we are so back"

The crypto market continues to display its flip-flopping nature as the sentiment on social media has changed from “it’s so over” to “we are so back” in just 24 hours, thanks to President Donald Trump's announcement of a strategic crypto reserve.

The president named BTC, ETH, XRP, SOL and ADA as candidates for the basket of reserves, an initiative that began last year with the president’s executive order to explore the best digital asset technologies.

Some analysts are calling for caution despite the positive momentum and enthusiasm from investors.

"Crypto is back on track with positive momentum and enthusiasm from investors. However, it's important to note that no concrete actions have been taken yet, and a continued lack of immediate catalysts could lead to another slowly correcting market," said Valentin Fournier, analyst at BRN, in an email.

That's sensible because tough questions may be asked once the initial excitement about the statement subsides. For instance, Trump still needs congressional approval for this basket of reserves. While BTC makes sense as a reserve asset, having reportedly found a place in investor portfolios as digital gold, including XRP, ETH, SOL, and ADA raises concerns, as some of these tokens barely have links to economic activity.

It begs the question: Why would a government facing debt issues invest in assets with minimal ties to the economy and are unlikely to generate a significant multiplier effect and help improve debt-to-GDP ratios?

Plus, allegations of insider trading related to Trump's Sunday announcement might dent sentiment. On Sunday, an unidentified trader deployed roughly $6 million in a 50x leveraged long bet on BTC and ETH and booked out with a profit of $6.8 million. "A U.S. crypto reserve could be a great boon to the asset class, but investors may feel more confident if significant measures are taken to resolve the fear of insider meddling," Mena Theodorou, co-founder at crypto exchange Coinstash, said, referring to the alleged insider trading.

For now, it's risk-on, and a similar positive action on Wall Street could see good gains in XRP/BTC, SOL/BTC and ADA/BTC crosses. Solana's co-founder Anatoly Yakovenko, also known as Toly, has reportedly expressed support for the SIMD-0228 proposal, which seeks to reform Solana’s staking mechanism to reduce inflation.

We can expect more details about the proposed reserve at Friday's crypto summit at the White House. In the meantime, two other key events to watch are Wednesday's U.S. ISM non-manufacturing (services) PMI and Friday's payrolls report.

Note that the U.S. 10-year yield has declined for seven straight weeks, largely pricing a slowdown in the economy. The focus might shift back to that if the two impending data sets print below estimates, potentially weighing over risk assets.What to WatchCrypto:March 5, 2:29 a.m.: Ethereum testnet Sepolia receives the Pectra hard fork network upgrade at epoch 222464.

March 5, 11:00 a.m.: Circle hosts a live webinar titled “State of the USDC Economy 2025” featuring Circle Chief Strategy Officer and Head of Global Policy Dante Disparte and three other executives from Bridge, Nubank and Cumberland.

March 7: President Trump will host the inaugural White House Crypto Summit, which will bring together top cryptocurrency founders, CEOs and investors.

March 11: The Bitcoin Policy Institute and U.S. Senator Cynthia Lummis co-host the invitation-only one-day event "Bitcoin for America" in Washington.MacroMarch 3, 8:00 a.m.: S&P Global releases February Brazil manufacturing data.

Manufacturing PMI Prev. 50.7

March 3, 9:30 a.m.: S&P Global releases February Canada manufacturing data.

Manufacturing PMI Est. 51.9 vs. Prev. 51.6

March 3, 9:45 a.m.: S&P Global releases (final) February U.S. Manufacturing data.

Manufacturing PMI Est. 51.6 vs. Prev. 51.2

March 3, 10:00 a.m.: S&P Global releases February Mexico manufacturing data.

Manufacturing PMI Prev. 49.1

March 3, 10:00 a.m.: The Institute for Supply Management releases February U.S. manufacturing data.

Manufacturing PMI Est. 50.8 vs. Prev. 50.9

March 3, 8:00 p.m.: Chinese People's Political Consultative Conference (CPPCC) Third Annual Session starts.

March 4, 12:01 a.m.: