The sharp reversal aligned with a cautious mood among traders after Monday’s market rally following the ambitious plan, as a CoinDesk analysis previously noted.

Cardano (ADA) on-chain activity shot up as whales bought the recent dip and the altcoin shot up 50% in the past day.

Prior to Trump’s announcement, the sentiment in the cryptocurrency sector remained negative. CoinShares reported $2.9 billion in outflows from cryptocurrency exchange-traded products last week. That marked the third consecutive week of outflows after a 19-week inflow streak.