Blockchain analytics platform Lookonchain detected a transfer of 2,650 Bitcoin, valued at approximately $205 million, from wallets linked to Trump Media & Technology Group to the Crypto.com exchange. The company, which owns Truth Social and is majority-held by the Donald J. Trump Revocable Trust, had previously disclosed an average purchase price of $118,522 per BTC, significantly above the current Bitcoin price near $77,700.
Deposits to exchanges do not confirm an immediate sale, but traders often interpret large inflows as a possible precursor to liquidation. The transferred funds remain in the Crypto.com wallet as of now, according to data from Arkham.
Cost Basis and Unrealized Losses
Based on earlier filings, Trump Media originally accumulated 11,542 BTC at a total cost close to $1.37 billion. After a prior transfer of 2,000 BTC (when Bitcoin traded around $87,378), the holding dropped to 9,542 BTC. Following the latest 2,650 BTC movement, the stash now stands near 6,889 BTC. At current prices, the remaining position is deeply underwater, with unrealized losses exceeding 34%.
The company's Q1 2026 results revealed the toll: a $405.9 million net loss, of which $368.7 million was tied to unrealized markdowns on digital assets, pledged crypto, and equity securities. By end of March, the Bitcoin treasury carried a cost basis of roughly $1.13 billion, while its fair value had dropped to about $647 million. Trump Media also disclosed ownership of approximately 756 million Cronos tokens related to its partnership with Crypto.com.
Market Implications of Exchange Inflows
Large Bitcoin deposits onto exchanges can create temporary fear, as visible supply on order books may act as resistance. However, the $205 million transfer remains modest compared to Bitcoin's multi-billion dollar daily spot and derivatives turnover. The actual market impact will depend on whether the coins are sold directly on the exchange or routed through over-the-counter channels.
On-chain data continues to show strong holding behavior among long-term investors. Over 70% of Bitcoin's circulating supply has remained unmoved for more than a year, suggesting that the current downturn has not triggered mass liquidation from this cohort.