Trump Starts Selling Ethereum After Months of NFT Royalties

Former President Donald Trump is parting ways with a chunk of his Ethereum holdings, reportedly cashing out over $2.4 million worth of the cryptocurrency in the past three weeks. This follows months of accumulating royalties from his controversial Trump NFT collections.

https://twitter.com/ArkhamIntel/status/1740052834949972155

Trump’s peak Ethereum balance reportedly reached $4 million, fueled by sales of his digital trading cards featuring superhero-clad Trumps and spacefaring renditions of the former president. However, since early December, he has been steadily transferring ETH to cryptocurrency exchange Coinbase, indicating a shift in strategy.

While the motivations behind the sale remain unclear, some speculate it could be a cash grab amid an uncertain economic climate. Others see it as a potential signal of waning confidence in the NFT market, which has slumped considerably in recent months.

Regardless of the reason, Trump’s Ethereum exodus marks a noteworthy development in the crypto world, further blurring the lines between his political and financial ventures. As his digital footprint evolves, questions linger about the next chapter for Trump’s foray into the blockchain realm.