An address associated with former U.S. President Donald Trump has likely sold over $2.4 million worth of ETH.
Despite the overall bullish state of the crypto market, a blockchain address associated with former U.S. President Donald Trump appears to be selling a large amount of Ether (ETH). In the past three weeks, data from blockchain analytics platform Arkham Intelligence shows that the wallet transferred 1,075 ETH to Coinbase.
If the transferred amount was likely sold for USD as assumed, then the wallet may have realized around $2.4 million. Nevertheless, a less likely outcome is that the large volume of ETH may have been moved to Coinbase to maximize staking yield.
Meanwhile, the Trump-associated address still holds around 589.5 ETH (worth approximately $1.4 million) and 273.7 Wrapped Ether (ETH) valued at roughly $650,000). The ETH position represents the majority of the wallet’s holdings.
At its most recent peak value in early December, the wallet held around $4 million in crypto assets. However, the recent transfers to Coinbase mean the address now holds just $2.2 million worth of cryptocurrencies.
Donald Trump and Crypto
Former U.S. President Donald Trump was a vocal crypto critic during his time in office. However, following his replacement in early 2021, the former president appears to have a changed stance. Donald Trump has a team set up to monetize his enigmatic character and history through the sale of NFTs.
The Trump NFT team evidently controls the blockchain address now tied to the former U.S. President. A significant portion of the ETH recently transferred to Coinbase represents royalties realized from holders trading Trump NFTs, hence the suggestion the Trump team may have liquidated the assets.
Meanwhile, Donald Trump is still in the race to become U.S. President at the 2024 polls. If the former President realizes his ambitions, the United States might usher in its first national leader with direct ties to the crypto and NFT space.
