Trump's Son Boosts ETH, WLFI Moves $307M to Coinbase
1min read Ethereum (ETH) prices surged on Tuesday, recovering from a 16% plunge to $2,368 amid tariff-related fears. The rebound coincided with broader crypto market recovery following US President Donald Trump's temporary halt to tariff threats on Canada and Mexico. Eric Trump, the President's son, added fuel to the rally by tweeting, "It’s a great time to add $ETH. You can thank me later." Although the controversial ending was later removed, ETH prices rose to $2,913 before settling at $2,700 at the time of writing.
World Liberty Financial (WLFI), a crypto venture backed by the Trump family, made headlines with a high-profile crypto transfer on February 3. Blockchain analytics firm Spot On Chain revealed that WLFI moved $307.41 million worth of assets to Coinbase's custody platform. The platform also unstaked nearly 20,000 Lido Staked Ether (STETH) and converted it to Ether, purchasing an additional 1,826 ETH for $5 million at an average price of $2,738. Analysts speculate that these funds might support WLFI's developing "Earn and Borrow" protocol, a lending service yet to launch fully.
The Ethereum Foundation recently allocated 50,000 ETH to bolster its treasury via staking rewards. According to core developer Eric Conner, staking rewards could sustain the foundation's budget and alleviate selling pressure on the token, a key factor in previous market downturns. Additionally, Etherealize, a new institution-focused Ethereum marketing firm, launched on January 22, aiming to promote Ethereum's strengths to Wall Street investors and drive greater adoption and investment in the ecosystem.
On February 4, World Liberty Financial transferred a significant portion of Ethereum holdings to Coinbase Prime. On-chain data revealed that the total transfer spanned eight assets and took place across 13 transactions. The largest transaction involved 73,783 ETH worth $212 million. This move fueled speculation within the crypto community, with some users suggesting that the Trump family is building a stablecoin like MIM but with an Aave fork instead of what was done with an isolated market. The transfer also included USDC worth $27.86 million.
