Bitcoin rallied sharply on Wednesday as US trading hours opened, reaching a weekly peak of $81,000 after falling to a multi-week low of $75,600 just 12 hours earlier. Despite the strong rebound, several developments could halt or reverse the cryptocurrency's progress.
Trump-Linked Entity Transfers BTC to Exchange
Citing data from Arkham Intelligence, Lookonchain reported that Trump Media Group, the entity behind Truth Social, moved 4,259 BTC—worth over $340 million—to Crypto.com, likely intending to sell the assets. This follows previous similar moves: in early August, wallets linked to Trump Media reportedly sold $165 million worth of bitcoin, and a seven-month selling spree totaled $545 million at an average price under $75,000.
The entity accumulated its holdings during the 2025 bull run at prices of $118,500, spending $1.37 billion to acquire 11,542 BTC. Each subsequent sale has booked a loss.
MARA Holdings Offloads BTC
Bitcoin miner MARA Holdings has transferred over $130 million worth of bitcoin to several platforms, including Galaxy Digital and Copper. A week earlier, MARA moved multiple batches of 1,000 BTC to BitGo, drawing attention.
Geopolitical Tensions with Iran
Just days after the US midterm elections, in which President Trump's party suffered a heavy defeat, reports emerged that the administration and the US Military are "finishing preparation for a possible resumption of 'major' combat operations in Iran." According to Axios, the US plans to send more assets to the Middle East. A former Trump advisor said the President cannot afford another major defeat and needs to restart the war and emerge victorious. Vice President JD Vance has privately accused Israeli Prime Minister Netanyahu of "being wrong on everything" regarding Iran.
History shows that once strikes begin, bitcoin, altcoins, and other risk-on assets tend to move sharply, usually in the wrong direction.
