Trump Media Moves $165M in Bitcoin to Crypto.com – Another Massive BTC Sell-Off Incoming ?

The cryptocurrency market is once again watching Trump Media (DJT) after a significant on-chain transaction sparked speculation about another major Bitcoin sell-off.

According to on-chain analyst Yu Jin, Trump Media transferred 2,628 BTC—worth approximately $165 million—to Crypto.com after remaining inactive for nearly two months. While moving Bitcoin to an exchange doesn't always guarantee an immediate sale, it is commonly viewed as a strong indication that selling may be planned.

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A Massive Bitcoin Bet That Went Wrong

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Trump Media entered the Bitcoin market aggressively between July and August of last year. The company raised capital through stock and convertible bond offerings before purchasing:

• 11,542 BTC
• Average purchase price: $118,529 per BTC
• Total investment: Approximately $1.368 billion

At the time, the move was seen as a bold treasury strategy, similar to the corporate Bitcoin accumulation trend that many companies have embraced.

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Selling at a Heavy Loss

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Unfortunately, the market did not move in the company's favor.

Since the beginning of this year, Trump Media has gradually sold:

• 7,281 BTC
• Total proceeds: Around $545 million
• Average selling price: Approximately $74,860 per BTC

This resulted in a realized loss of roughly $318 million.

Following the latest transfer, the company still reportedly holds:

• 4,261 BTC
• Current value: Approximately $268 million

Based on current market prices, those remaining holdings are sitting on an additional unrealized loss of around $237 million.

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Overall Performance

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When combining realized and unrealized losses, Trump Media's Bitcoin strategy has resulted in an estimated $555 million cumulative loss.

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Why This Transfer Matters

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Large Bitcoin transfers to centralized exchanges often attract attention because they can increase short-term selling pressure.

Although no official confirmation has been made that Trump Media has sold the transferred BTC, traders and investors are closely monitoring exchange wallets and on-chain activity for confirmation.

If the company continues reducing its Bitcoin position, it could:

• Increase short-term market volatility.
• Influence investor sentiment.
• Raise questions about corporate Bitcoin treasury strategies during volatile market conditions.

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My Thoughts

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This situation highlights one of the biggest challenges of corporate Bitcoin investing: timing the market is incredibly difficult.

Bitcoin remains one of the most volatile assets in the financial world. Even large publicly traded companies with substantial financial resources can experience significant drawdowns if they enter at unfavorable prices or are forced to sell during weaker market conditions.

At the same time, on-chain transfers should not automatically be interpreted as confirmed sales. Companies may move assets between custodians, prepare for OTC transactions, or simply reorganize treasury holdings. Until an official filing or additional on-chain evidence confirms a sale, it's best to avoid jumping to conclusions.