Over the past two days, World Liberty Financial – Donald Trump’s Decentralized Finance (DeFi) initiative – transferred a substantial amount of Ethereum to Coinbase, causing concern among investors about a possible large-scale Ethereum sell-off. This swift action has led to speculation and discussions within the crypto community about the potential implications. Despite a robust rally in the overall altcoin market, the price movement of Ethereum has been relatively subdued, hovering near the $3,365 range.
Is World Liberty Financial Dumping Its Ethereum Holdings?
Over the past two days, World Liberty Financial, Donald Trump’s DeFi project, deposited a total of around 14.6 million dollars worth of Ethereum (ETH), which amounts to approximately 14,611 ETH, into Coinbase. These deposits were made at an average price point of $3,240 per ETH. Notably, data from blockchain analytics platform Spot On Chain shows a transaction of 1,038 ETH (around 3.44 million dollars) that occurred just three hours ago.
As a researcher scrutinizing the fund’s transactions, I find it noteworthy that despite considerable shifts, the portfolio continues to hold around 5,111 Ether, equivalent to roughly $17.12 million at present market values. The magnitude of these transfers has sparked interest given Ethereum’s price action hovering close to significant resistance points in a bustling market environment. Additionally, recent reports have underscored intense Ethereum whale selling activity earlier this week.
Trump’s DeFi Project Issues Clarification
In response to rumors about Ethereum sell-off from Donald Trump’s DeFi venture, World Liberty Financial has provided a clear explanation. Specifically, they have stated that they are regularly modifying their cryptocurrency investments.
According to the statement made by the company, this action is merely a part of their routine financial management, which involves dealing with fees, costs, and meeting working capital requirements. It’s important to note that they are not disposing of ETH, but instead, they are rearranging their assets for standard business operations as necessary. In their official announcement, they explicitly stated this point.
The purpose behind these actions is to ensure the continued strength, security, and efficiency of our treasury. Rest assured, this is simply following standard procedures in the management of our operations here at WLFI.
ETH Price Remains Muted Despite Altcoin Market Recovery
As a researcher examining the cryptocurrency market, I’ve noticed an overall advancement within the altcoin sector, yet Ethereum (ETH) seems to be responding rather subdued at this moment. At the time of writing, Ethereum is trading sideways at approximately $3,365, with a minimal 5% increase in daily trading volumes. According to data from Coinglass, the total liquidations within the last 24 hours have escalated to around $45 million, with $31 million attributed to long liquidations.
Crypto expert Ali Martinez opined that Ethereum (ETH) might mirror past market trends. He pointed out that in the middle of April, ETH held steady at approximately $2,800 for nearly a month before experiencing an upward price surge.
The analyst thinks it’s possible for a similar merger might take place, given the formation of the upper part (right shoulder) of a head-and-shoulders chart pattern, as shown below.
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2025-01-17 12:16