The crypto market dropped this week but not for Eric Trump. Bitcoin dropped to $113,164 and Ethereum dropped to $3,500. Trump tweeted, “₿uy the dips!!! $BTC $ETH,” indicating that he is still optimistic.
The same timing sounds familiar. In February, when tariffs collapsed Bitcoin and Ethereum, he stated that this was the time to be a buyer. Ethereum dipped below $1,400 and then went up to $3,900. Now, after this week’s pullback, market analysts are asking themselves, is he real for now?
Trump isn’t just tweeting, he is also invested. He last December announced that he owns BTC, ETH, Solana, and Sui. He also backs American Bitcoin, a mining firm that owns 215 BTC, according to Arkham.
His DeFi venture, World Liberty Financial, just bought over 77,000 ETH at an average price of $3,294. Some of that ETH likely got dumped at a loss this year.
The most recent sell-off followed a series of bearish factors: rising geopolitical tensions, weak U.S. jobs numbers, and a record outflow of Bitcoin ETFs. A staggering $812 million was drained on August 1 alone, ending a five-day inflow run.
Though analysts remain optimistic. Michaël van de Poppe believes Bitcoin is in a buying zone, and August will be a time of sideways movement before the rebound in September. Investor Ted Pillows hopes the fall levels are off by Monday.
On chain data analytics platform, Glassnode shows short-term holders leading the sell-off, offloading over 85% of expended Bitcoin over the past 24 hours suggesting that this is less panic and more short-term profit-taking.
With Bitcoin remaining near $113K and Ethereum dropping 3%, the market cap is still above $3.7 trillion. August has never been cryptos’ best month but surprise rallies haven’t ceased yet.