you might then ask why are alts up more than btc since the news? my take is - the avg ape who is trading on the headline is not looking into the details of the EO, and is just bulled up in general from it. bigger, smarter money is thinking deeply about the implications of the EO and probably believe 1. it’ll be some time away from it materialising, so there is no rush to buy btc. will prefer to accumulate on dips 2. its not as big a deal as the initial headline after reading the EO, and sold some of their btc exposure they might have accumulated on or before the EO headline.

if you are trading on the 401(k) thesis - i think only btc(.d) benefits for now. before the EO, my base case was that the 4 beneficiaries of a 401k for crypto would be btc eth sol xrp due to the trump social ETF (i excluded CRO for obvious reasons) the trump social etf is a passive one and doesn’t qualify btc is also a natural choice - for many of us who have been in crypto long enough, the token we would dare to put on our retirement account is likely to be btc. the avg 401k allocation is in index funds, not active ones, so the actual inflow is probably less than what people expect. that being said - it is still a very notable long term development for crypto.