The blockchain platform linked to United States President Donald Trump took the crypto market downturn as an investment opportunity, tripling its Ethe
The blockchain platform linked to United States President Donald Trump took the crypto market downturn as an investment opportunity, tripling its Ether holdings in a week ahead of the White House’s first Crypto Summit on March 7.
Meanwhile, Solana was hit by nearly half a billion dollars worth of outflows in February as cryptocurrency investors sought safer investments following a wave of memecoin scams and rug pulls.
Trump’s WLFI tripled Ether holdings in a week amid market downturn
The decentralized finance (DeFi) platform linked to US President Donald Trump significantly increased its Ether holdings over the past week as the cryptocurrency’s price briefly dipped below $2,000.
Trump’s World Liberty Financial (WLFI) DeFi platform tripled its Ether (ETH) holdings over the past seven days as ETH dipped below the $2,000 psychological mark, Cointelegraph Markets Pro data shows.
ETH/USD, 1-month chart. Source: Cointelegraph
Data provided by Arkham Intelligence shows WLFI now holds about $10 million more in Ether than a week earlier. Its latest acquisitions also include an additional $10 million in Wrapped Bitcoin (WBTC) and $1.5 million in Movement Network (MOVE) tokens.
WLFI token balances history. Source: Arkham Intelligence
Trump’s DeFi platform is currently sitting on a total unrealized loss of over $89 million across the nine tokens it invested in, Lookonchain data shows.
Source: Lookonchain
The dip buying came during a period of heightened market volatility and investor concerns, driven by both macroeconomic concerns and crypto-specific events, including the $1.4 billion Bybit hack on Feb. 21, the largest exploit in crypto history.
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Solana sees $485 million outflows in February as crypto capital flees to “safety”
Solana saw nearly half a billion dollars in outflows last month as investors shifted to what were perceived to be safer digital assets, reflecting growing uncertainty in the cryptocurrency market.
Solana (SOL) was hit by over $485 million worth of outflows over the past 30 days, with investor capital mainly flowing to Ethereum, Arbitrum and the BNB Chain.
The capital exodus came amid a wider flight to “safety” among crypto market participants, according to a Binance Research report shared with Cointelegraph.
Solana outflows. Source: deBridge, Binance Research
“Overall, there is a broader flight towards safety in crypto markets, with Bitcoin dominance increasing 1% in the past month to 59.6%,” the report stated.
”Some of the capital flowed into BNB Chain memecoins, driven in part by CZ’s tweets about his dog, Brocolli,” it added.
Beyond Solana, total cryptocurrency market capitalization dropped by 20% in February, driven by growing negative sentiment, Binance Research noted.
Alongside macroeconomic concerns, the crypto investor sentiment drop was mainly due to the $1.4 billion Bybit hack on Feb. 21, the largest exploit in crypto history.
Disappointment in Solana-based memecoin launches has also curbed investor appetite, particularly after the launch of the Libra token, which was endorsed by Argentine President Javier Milei.
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Trump to host first White House crypto summit on March 7
US President Donald Trump will host the first White House Crypto Summit on March 7, bringing together industry leaders to discuss regulatory policies, stablecoin oversight and the potential role of Bitcoin in the US financial system.
The attendees will include “prominent founders, CEOs, and investors from the crypto industry,” along with members of the President’s Working Group on Digital Assets, according to an announcement shared by the White House “AI and crypto czar,” David Sacks, in a March 1 X post.
The summit will be chaired by Sacks and administered by Bo Hines, the executive director of the Working Group.
Source: David Sacks
Sacks was appointed White House crypto and AI czar on Dec. 6, 2024, to “work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.,” Trump wrote in the announcement.
Part of Sacks’ role will be to “safeguard” online speech and “steer us away from Big Tech bias and censorship,” Trump added.
Source: Donald Trump
Trump has previously signaled that he intends to make crypto policy a national priority and make the US a global hub for blockchain innovation. The upcoming summit may set the tone for crypto regulations over the next four years.
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Crypto VC deals top $1.1 billion in February as DeFi interest surges — The TIE
Venture capital funding into blockchain and cryptocurrency startups accelerated in February, with decentralized finance (DeFi) projects attracting significant investment flows, signaling that demand for blockchain builders remained strong amid volatile market conditions.
According to data from The TIE, 137 crypto companies raised a combined $1.11 billion in funding in February.
DeFi secured nearly $176 million in total funding across 20 projects….
cointelegraph.com