Arkham Intelligence has reported that a wallet linked to former U.S. President Donald Trump has moved over $2.4 million worth of ether (ETH) to the crypto exchange Coinbase in the past few weeks. The wallet had accumulated Trump NFT royalties, reaching a peak balance of $4 million. Trump has previously released two NFT collections, amassing a total trading volume of 15,013 ETH ($35.4 million) on the NFT marketplace OpenSea.

The recent sales coincide with a 17% surge in ether over the past month, reflecting an optimistic outlook for the market. Ethereum, the world's second-largest cryptocurrency by market capitalization, was trading at $2,376 at the time of reporting, up 6.7% over the past 24 hours. Trump's NFT drops and promotions were handled by NFT INT LLC, operating under a paid license from CIC Digital LLC, with which Trump has been previously associated.