Donald Trump Offloading Ethereum: Report

Technology

Donald Trump Offloading Ethereum: Report – Crypto News

Published

2 years ago

December 28, 2023

Dripp

Former President of the United States Donald Trump is reportedly selling off some of his Ethereum (ETH) stash as shown by recent deposits made from labeled addresses.

Best Time to Ditch Ethereum

Former President Donald Trump has a rich history with digital currencies and Ethereum represents one of his most favored assets. The ongoing selloff was confirmed by crypto intelligence service provider, Arkham Intelligence who also pointed out that Coinbase Exchange is the brokerage the Ethereum holdings are being funneled for liquidation.

According to Arkham Intelligence, the transfer of Ethereum to Coinbase for liquidation started about 3 weeks ago. These selloff moves are coming after months of accumulation of Ethereum as royalties for the numerous Non-Fungible Token Collections the former Head of State has launched thus far.

Looks like Donald Trump is selling his ETH.

3 weeks ago he started sending ETH to Coinbase after months of accumulating Trump NFT royalties. His peak balance was $4 million.

Based on the deposits, so far he’s sold 1,075 ETH for $2.4 million. pic.twitter.com/JZzA3cS2je

— Arkham (@ArkhamIntel) December 27, 2023

The Arkham Intelligence scoop noted that thus far, Donald Trump has sold a total of 1,075 ETH worth about $2.4 million, implying that the sales were made at an average price of $2232.56 per Ethereum. From this price, it is not immediately possible to determine what the profit margin for this sold Ethereum is since the prices when the royalty was paid remain undocumented.

According to a review of the Coinbase deposits, the funds were deposited into the exchange from different wallet addresses, underscoring the fact that the former President managed more than one account for all of his NFT Collections. Per the Arkham data, the largest deposit to Coinbase was valued at 200 ETH worth about $446511.63 per the earlier estimated average value.

While the liquidation has no immediate links to the ongoing Trump campaign, they are coming at a time when Ethereum has jumped by more than 17% in the past month, giving an ample selloff position.

Latest NFT Collection From President Donald Trump

Former President Donald Trump has gained immense popularity in the digital currency ecosystem for releasing NFT collections. As reported earlier by Coingape, the latest NFT collection launched by the former President dubbed the “Mugshot Edition” gained wide acclaim because of the underlying story and the associated perks.

The collection was inspired by the arrest of Donald Trump earlier in August with the mugshot photograph of him converted into the collection. Two perks of the Mugshot Edition NFT include a state dinner at Donald Trump’s Mar-a-Lago resort in Florida and the suit the former President wore on the day of his arrest will also be split in pieces and sent to the holders of the NFT.