President-Elect Donald Trump has long been considered the more cryptocurrency-friendly option, and with the original Bitcoin (BTC) candidate, Robert F. Kennedy Jr., on his team, it hardly comes as a surprise that digital assets have rocketed since the election was called on November 6.
Considering the massive inflows, one might expect Trump’s cryptocurrency portfolio to have rocketed compared to mid-October, but exactly the opposite happened.
Specifically, the President-Elect’s digital assets holdings have diminished by approximately $2.35 million from their October 18 value of $7.79 million to $5.4 million at press time on November 12, per the data retrieved from Arkham Intelligence on November 12.
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The dynamics of Donald Trump’s cryptocurrency portfolio
While such a situation might appear odd, it is worth pointing out that a part of the portfolio can be attributed to campaign donations – the Trump campaign’s wallet became open for digital assets in May – and the funds are likely to have been spent on the elections.
A significant drop in value was recorded on November 5 – likely due to eleventh-hour fundraising – but the portfolio rocketed days later, simultaneously with the market-wide rally.
Indeed, the surge’s effect is visible in the short time frames as well, considering that late on November 11 – the time the rumors of Trump being the biggest holder of the Peanut the Squirrel (PNUT) meme coin were circulating – the portfolio stood at $5 million and surged nearly half a million since.
These are Donald Trump’s top cryptocurrency holdings
Donald Trump owns a wide selection of tokens, but MAGA (TRUMP) and Ethereum (ETH) – including its wrapped form – are by far the biggest and most notable holdings. To be specific, the Republican President-Elect holds approximately $1.02 million worth of TRUMP and $3.28 million of ETH and wETH.
Elsewhere, Bitcoin is most notable for its absence because of its practical and cultural significance.
This fact is particularly pointed, considering the promised strategic BTC reserve, the presence of RFK Jr. in the administration-in-waiting, and the warnings of economist Peter Schiff that Trump would break his promises to the community.
Crypto market sees massive inflows after Trump’s victory
Whatever the Trump administration’s actual steps – and whatever the fate of Trump’s cryptocurrency portfolio – the cryptocurrency markets have reacted wildly positively to the Republican victory.
Most prominent digital assets have been surging, and Bitcoin has breached multiple new all-time highs (ATH). It even closed in on $90,000 in the small hours of November 12.
Additionally, despite the latest pullback to $88,400, BTC remains 28.71% up in the last seven days.
Finally, the same rally is evident across the market, with the total cryptocurrency market capitalization rocketing 32.90% within the same time frame and increasing by some $650 billion to $2.94 trillion.
Featured image via Shutterstock
