- Eric Trump believes that this is the right time to offer ETH at the current level.
- His family business, WLFI,, however, ‘sold’ more than $ 300 million digital assets, dominated by ETH.
Eric Trump and their family-ranked World Liberty Financial (WLFI) have yielded the recoil of crypto community.
The criticism followed WLFI’s recent sale of Ethereum [ETH]wrapped Bitcoin [WBTC]and other Defi -Tokens worth more than $ 300 million, according to aggregate facts By analysis company Lookonchain.
“Today, World Liberty also transferred 86,296 $ ETH ($ 235 million), 647 $ WBTC ($ 65.5 million), 256,315 $ link ($ 5.4 million), 19,399 $ aave ($ 5.26 million), 5 , 78m $ ena ($ 3.88 m), 2.4 m) $ move ($ 1.57 million) and 134.216 $ ONDO ($ 190k) to #coinbasentrime, ”remarked lookonchain.
Source: Arkham
From the shared data, the collective sale on Coinbase was worth $ 316.8 million. Despite the acquisition of another $ 5 million ETH $ 5 million on the same day, the move seemed to have shocked the crypto community.
WLFI defends ETH sales
In fact, Eric Trump’s recent bullish call to buy ETH was received, winding criticism. Trump believed that it was the ideal time to buy ETH, but his affiliated company sold more than $ 200 million to it.
Source: X
A user called the move A ‘Literal crime‘Asking people to double on an active, only to use them as exit -readidity.
“Literal crime LOL. Bro has just deposited ~ $ 175m $ ETH in Coinbase Prime (certainly to buy). “
For his part, WLFI defended himself against the accusations and stated that it had not ‘sold’ tokens but was ‘resignation assets’ for the ordinary company. Part of his statement read”
“We make routine movements of our crypto companies as part of regular treasury management and the payment of costs and costs and to meet the requirements of the working capital.
He went on
To be clear, we do not sell tokens – we are simply re -allocation assets for ordinary business purposes. ”
That said, Presto research analyst Rick Maeda noted That traders jumped on PUT options (bets for downward protection) after the massive drop and delevering event during the weekend.
“The relocation, which dive the ETH perpp prices on Deribit Exchange from $ 3,285 to $ 2,065, has caused a significant shift in the market positioning, as is apparent from the PUT-Call ratio that rises from the relatively quiet 0.6 from previous week up to more than 2.5 who today indicate a hurry what an almost indicates. for downward protection among market participants ”
This suggested caution against potential falls in the coming days or hours, and a similar sentiment was still present on the press.
According to 25RR (Delta Risk Reversal), who follows sentiment and premium for calls (Bullish bets) compared to Puts options, were negative for the next four days.
Simply put, there was heavy hedge activities in the first half of February to protect against extra ETH decreases.