Trump sold crypto for 2.4 million

Yesterday, Arkham Intelligence stated that the crypto wallet linked to Donald Trump would have sold ETH for a value of 2.4 million dollars.

In fact, the company has discovered that three weeks ago, transfers of ETH to Coinbase from the crypto wallet linked to Donald Trump began, with a total value of 1,075 ETH, equivalent to approximately 2.4 million dollars.

The ETH present on that wallet are the proceeds from the sale of Donald Trump’s NFTs, including those from the “Mugshot Edition” collection launched a few weeks ago.

According to Arkham Intelligence data, Trump’s wallet would have accumulated ETH profits with a maximum value of 4 million dollars.

The election campaign

It should be remembered that in November of the new year, the presidential elections will be held in the USA, and Trump aims to be the candidate of the Republican Party. 

However, in order to be so, he must first win the primaries, and although currently the polls give him a great advantage, a contender is emerging, former governor of South Carolina Nikki Haley.

The true name of Haley is Nimrata Randhawa, known as Nikki and married to Michael Haley, and she is of Indian origins, although born in the USA. 

The latest polls show Haley making a recovery, although Trump still seems hardly reachable. 

It is probably not a coincidence that the former president has decided to sell ETH right now. 

The price of Ethereum

Just tonight, the price of ETH reached a new annual high for 2023, surpassing the $2,400 mark.

After dropping to $1,500 before mid-October, at the end of October it started an ongoing bull run that has brought it to over $2,400.

Since then, it has gained a total of 53% in just over two months. 

Three weeks ago, when Trump’s wallet started transferring ETH to Coinbase, the price had already risen above $2,300, so it is possible that the sales were made at a higher or slightly lower price than this threshold. 

At the beginning of the year, the price of ETH was below $1,200, so it has practically doubled in less than 12 months.

Arkham Intelligence: Trump’s NFTs and sold cryptocurrencies

The former president had launched his collection of NFTs last year, when the price of ETH had dropped below $1,300.

By selling only now the collected ETH, he practically doubled his earnings, because in addition to the profit obtained from the sale of NFTs, he is also cashing in on the capital gains due to the +100% increase in the price of ETH during 2023. 

The purpose of selling Trump’s NFTs is precisely to raise funds for his election campaign, and 4 million dollars collected in this way is already a significant amount, although not particularly important. 

Just to say that the NFT Everydays: The First 5000 Days by Beeple was sold in 2021 during the bubble for 38,525 ETH, equivalent at the time to 69.3 million dollars. 

It is not known what Trump’s objectives were, but the collapse of the NFT market in 2022/2023 certainly did not work in his favor. For example, in November 2023, the trading volume of NFTs on OpenSea was $136 million, compared to $254 million in November 2022 and $2.1 billion in November 2021. 

However, the doubling of ETH’s market value during 2023 played in its favor. 

Trump and cryptocurrencies: beyond the movements reported by Arkham

It should be remembered that while he was President of the United States, Donald Trump declared that he would even ban Bitcoin once it reached a value of $100,000, and later he also stated that cryptocurrencies would harm the dollar.

It is curious, however, that the great bull run of 2017 happened precisely during his first year as President of the USA, and back then Trump said nothing against Bitcoin.

His contrary statements began the following year, during the post-bubble bear market, and apparently at the end of 2022 he changed his mind again about it. 

Another important thing to underline is that the political opponents of the Republicans, namely the Democrats, are campaigning against cryptocurrencies in the hope of regaining some lost support. 

However, on one hand it seems that such an anti-crypto campaign is not working, and on the other hand it would seem rather strange if Trump sided with the Democrats against cryptocurrencies, especially after selling NFTs to raise funds for his election campaign.