Fresh pressure hit TRUMP crypto projects following Trump Media‘s transfer of 4,259 BTC—valued at approximately $344 million—out of wallets holding convertible-note collateral and into an address linked to Crypto.com. This transaction occurred just a day after the TRUMP memecoin slumped to a record low.
Lookonchain detected the movement at 03:00 UTC. Blockchain records reveal two separate transfers of 2,140.04 BTC and 2,119.31 BTC, which were confirmed within block 974,613 at 02:17 UTC.
The transfer coincides with a difficult week across all assets tied to Trump. Following Democratic victories in Tuesday’s U.S. midterm elections, values for the TRUMP token, World Liberty Financial’s WLFI, and Trump Media stock all dropped, even as Bitcoin managed to recover past the $80,000 threshold.
Market participants are now asking whether these Trump-affiliated businesses are liquidating their Bitcoin holdings, a question the blockchain only partially answers.
Is Trump Media dumping $BTC?
Trump Media transferred 4,259 $BTC ($343.67M) to https://t.co/uXlOLXEpBd 40 minutes ago.https://t.co/b8FnEmGpPh pic.twitter.com/A3yEfMmhuf
— Lookonchain (@lookonchain) November 5, 2026
DISCOVER: Bitcoin Back Above $80,000 as $468 Million of Shorts Get Wiped Out: Can BTC Clear Its Pre-Hack High?
Is Trump Media Selling Its Bitcoin?
The transaction size offers the initial clue. Trump Media’s second-quarter 10-Q filing notes that 4,260.73 BTC served as collateral for its convertible notes, with restrictions scheduled to lift “no later than” May 29, 2028. Thursday’s pair of transfers amounts to 4,259.35 BTC, leaving both originating wallets entirely empty.
Furthermore, the destination address is familiar. The same Crypto.com-linked deposit address (34jvUbzJ…yMy) previously received 2,649.9 BTC from Trump Media wallets on May 22 and 2,628.3 BTC on August 1. On each occasion, the funds were swept into a larger pooled wallet containing roughly 17,330 BTC belonging to multiple users.
Once digital assets enter a pooled exchange wallet, onchain data can no longer verify whether they have been sold, lent, or retained in custody. Trump Media has issued no comments regarding Thursday’s transfer, leaving traders focused entirely on the timing.
A registration statement filed on November 2 indicates that holders of Trump Media’s $1 billion convertible notes possess the right to compel the company to repurchase them for cash on November 30, 2026, meaning the firm “could be required to pay up to approximately $1.0 billion”.
That same filing outlines potential strategies for raising the required capital, such as a plan to “sell our bitcoin or other digital asset holdings to fund such repurchases.” Valued at roughly $80,600, the recently moved 4,259 BTC covers about one-third of that potential liability.
Meanwhile, the company’s overall Bitcoin reserves were already contracting. Trump Media held 9,477.16 BTC as of June 30—down from 9,542.16 at the close of 2025—and reported a $360.6 million loss on its digital holdings during the first half of the year.
Is Anyone Else in the Trump Crypto Camp Selling?
Conversely, American Bitcoin, a mining firm co-founded by Eric Trump, is expanding its reserves rather than liquidating them. On November 4, the company reported that its holdings increased to approximately 8,427 BTC by the end of September, up from 8,002 BTC in June.
Although the firm mined about 891 BTC during the quarter, it retained only about 425 of them because it “sold a portion of Bitcoin production to cover operating costs.” Industry observers note this reflects routine operational expenses for a miner rather than a treasury liquidation.
How Are TRUMP Crypto Ventures Performing?
Nearly every publicly traded or listed Trump enterprise is hovering near historic lows, with the exception of the stablecoin.
| Venture | What it is | Price | Recent move | From the peak |
|---|---|---|---|---|
| Official Trump (TRUMP) | Memecoin launched in January 2025 | $1.26 | −15.2% in 24 hours | −98.3% |
| World Liberty Financial (WLFI) | Governance token of the family’s DeFi project | $0.0468 | −3.5% in 24 hours | −85.9% |
| USD1 | World Liberty’s dollar stablecoin | $1.00 | $3.70 billion in supply | Holding its peg |
| Trump Media (DJT) | Truth Social owner and Bitcoin treasury | $4.49 | −48% in a month | −74% from the 52-week high |
| American Bitcoin (ABTC) | Eric Trump’s Bitcoin miner | $6.24 | −26% in a month | Near its 52-week low |
Token prices reflect Binance data captured at 09:00 UTC on Thursday, while peak valuations and USD1 supply figures originate from CoinGecko. Stock valuations are based on Wednesday’s closing prices on the Nasdaq.
The TRUMP token suffered the steepest decline, plunging from $1.396 to an all-time low of $1.219 within a single hour beginning at 17:00 UTC on Wednesday. It currently trades 98.3% below its January 2025 peak of $73.43.
Trump Media closed Wednesday at $4.49, remaining just above its 52-week low of $4.46. Beyond its upcoming note deadline, the company has asked shareholders to vote on an all-stock merger with fusion energy firm TAE Technologies during a special meeting slated for December 14.
Despite strong financial performance—highlighted by third-quarter net income of approximately $126 million driven mostly by a $197 million gain on its Bitcoin holdings—American Bitcoin shares are down 26% over the past month.
USD1 stands out as the sole asset maintaining stability, continuing to trade at its $1 peg with $3.70 billion in circulation.
TRUMP Price Analysis: Is There a Floor?
Trading at $1.26 on Thursday morning, TRUMP sits well beneath its 20-day EMA of $1.63 and its 50-day EMA of $1.78. The token lacks any historical price action beneath Wednesday’s $1.219 low.
TRUMPUSDT 1D chart. Source: TradingViewTradingView
| Outlook | Trigger | Level to watch |
|---|---|---|
| Rebound | A daily close above $1.396, where the drop started | The 20-day EMA near $1.63 |
| Holding pattern | Price stays between $1.219 and $1.396 | Sideways trading around $1.26 |
| Sell-off | A daily close below the $1.219 record low | $1.00, the next round number |
Any potential recovery for TRUMP will require buyers who perceive underlying value in Trump-branded assets following the election results. For the moment, the most telling indicator remains onchain activity: if additional Trump Media tokens are routed to that same Crypto.com address prior to November 30, sentiment surrounding TRUMP crypto assets is likely to remain suppressed.
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