President Donald Trump has come a long way in his attitude toward cryptocurrency since he rejected Bitcoin (BTC) in his first term.
Indeed, the billionaire politician has not only become rhetorically friendly but has actively been involved with digital assets, launching several non-fungible token (NFT) collections and even a set of family-themed inauguration meme coins.
Simultaneously, however, Trump — or someone in his team — appears relatively keen to swapping cryptocurrency for regular currency as the President’s balance has been, per the data Finbold retrieved from Arkham Intelligence on February 25, shrinking rapidly.
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Donald Trump’s digital assets portfolio became particularly active during the election campaign due to numerous individuals or projects sending cryptocurrency to promote themselves or to help back the Republican.
The activity ensured the associated address briefly ballooned to approximately $26 million in June 2024 and then, after a protracted period of remaining under $10 million, to a recent January 18 high near $23 million.
Trump’s crypto portfolio falls 92% in just over a month
In stark contrast to such figures, Donald Trump’s cryptocurrency balance, at press time on February 25, is a significantly lower $1.7 million.
Some of the $21.3 million decline can be attributed to the market fluctuations, particularly as, at press time, Bitcoin is trading below $89,000 for the first time since November, and Ethereum (ETH) below $2,400 for the first time since October.
Still, Trump or his team has actively been selling, and the record clearly shows that the coin and token balance has decreased, not just their value in USD.
A particularly interesting example of likely selling came in late January and early February when approximately 1,000 ETH were moved to hot wallets, only for Eric Trump to make an X post endorsing Ethereum. At press time, it is unclear if and when the cryptocurrency has been sold.
The selling activity pertaining to Donald Trump’s cryptocurrency is interesting, both due to the speed of its execution and the rhetoric the President has adopted in recent months.
Is Trump keeping his promises to the crypto community?
The Republican has been a vocal supporter of the industry and the community, pledging to end what many believed to be the Biden administration’s war on crypto, to create a strategic Bitcoin reserve, and to ensure the U.S. is the global digital assets capital.
Although Trump’s progress with regard to the industry and cryptocurrency has been slower than many had hoped, it has not been entirely lacking. As the President pledged, the U.S. government hasn’t sold any of its Bitcoin despite having a legal right to do so, per the data Finbold retrieved from Arkham on February 25.
Similarly, despite not forming a Bitcoin or other digital asset strategic reserve, Donald Trump issued an order for the relevant agencies to examine the feasibility and logistics of such a move quickly following his inauguration.
The most recent development, however, might also be the most impactful yet as the Securities and Exchange Commission (SEC) has signaled it is dropping its lawsuit against the biggest publicly traded cryptocurrency exchange, Coinbase (NASDAQ: COIN).
Featured image via Shutterstock
