After the Democratic Party won the mid-term elections, tokens related to Trump, namely TRUMP, WLFI, and MELANIA, faced increasing selling pressure.
Meanwhile, Trump's media and technology group transferred 4,259 bitcoins to Crypto.com. This move occurred on the eve of their debt repayment deadline on November 30th, thus attracting attention from the outside world. However, it has not yet been confirmed whether the company has sold the bitcoins.
The recent results of the U.S. elections seem to have changed the trends in both traditional and crypto markets. The price of Bitcoin has once again surpassed $80,000, gold has risen above $4,000, and silver has reached over $51. Meanwhile, tokens associated with President Trump have shown the opposite trend; TRUMP, WLFI, and MELANIA have all seen significant declines. In addition, it is reported that Trump's media business may further increase the selling pressure.
Political uncertainty, weakening token prices, and questions surrounding Trump's media's Bitcoin holdings are converging. The focus of the market has now shifted to: is this merely a short-term reaction after the election, or is the market beginning to re-evaluate Trump-related crypto assets more broadly?
Trump-related tokens face heavy selling pressure
The election results coincided with a significant sell-off of several cryptocurrencies related to the Trump family. Meme coins TRUMP, WLFI, and MELANIA all recorded substantial declines, with particularly notable performance in the broader market. The price of TRUMP fell by nearly 21% to $1.25, MELANIA fell by 13% to $0.063, and WLFI fell by nearly 11% to $0.047.
In addition, the total market value of political-themed meme coins has fallen by over 16%, to nearly $477 million, while trading volume has soared by 123%, to $437 million. TRUMP also shows signs of an increase in bearish positions in the derivatives market, with the futures funding rate on Hyperliquid having turned negative. Compared to the broader market, the trend of Trump-related crypto assets is particularly divergent.
Is Trump's media selling Bitcoin?
The uncertainty surrounding Trump's holdings in cryptocurrencies has further intensified. Trump's media and technology groups have transferred nearly 4,259 bitcoins to Crypto.com, worth approximately $342 million to $344 million. According to data from Arkham Intelligence, the transfer was made in two installments: 2,140 bitcoins and 2,119 bitcoins, respectively. Both amounts of funds came from wallets marked as collateral for the company's convertible bonds.
The timing of this transaction has drawn market attention, especially as Trump Media is facing a significant financial obligation later this month. According to its securities filing submitted on November 2, holders of the company's convertible bonds may request cash settlement on November 30, 2026. If all eligible holders exercise this option, the company could face a settlement obligation of approximately $1 billion. This puts the latest Bitcoin transfer in a more important financial context, as Trump Media has previously disclosed that these Bitcoins were used as collateral for its convertible bonds.
What should investors pay attention to next?
Although recent sell-offs have weakened market sentiment, there are still several factors that could determine whether this round of adjustment will deepen further, or whether these tokens will attempt to rebound.
Of note are: whether the price of TRUMP can recover, the rebound capability of WLFI, and the selling pressure faced by the MELANIA token.
The deadline of November 30th is particularly crucial, as if holders exercise their conversion option on Trump Media's convertible bonds, it could have an impact on the company's liquidity and digital asset strategy.
In addition, the new balance of political power in Washington may also affect market expectations regarding crypto legislation and regulatory policies.
Currently, the divergence between Trump-associated crypto assets and the broader crypto market indicates that political connections alone may not be sufficient to maintain investor confidence.
