An address believed to be linked to World Liberty Financial, a cryptocurrency project backed by President Donald Trump, scooped up millions worth of Ethereum ETH/USD following the coin's meteoric jump on Thursday.

What happened: On-chain tracker Lookonchain said in an X post that the wallet bought 1,587 Aave Ethereum WETH (aEthWETH), worth $3.5 million, in a series of transactions

The token represents a one-to-one equivalent of ETH on the Ethereum blockchain and is used by Aave for lending and borrowing within its decentralized finance platform.

World Liberty Final didn't immediately return Benzinga's request for comment on these trades.

The Trumps are closely tied to the DeFi project, although it maintains that none of its offerings are political or related to any political campaign. A Trump-affiliated organization holds a 60% share in the platform's parent firm, while Eric Trump sits on the board.

Other institutional investors were also seen hoarding the second-largest cryptocurrency. Abraxas Capital, a digital assets investment firm, pulled out 61,401 ETH, valued at over $116 million, from exchanges over the last two days.

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Additionally, the balance held by long-term ETH holders rose 0.02% in the last 24 hours, per IntoTheBlock, implying a broader accumulation sentiment.

See Also: Ethereum Flat After Pectra Upgrade, But Analyst Foresees Overhaul ‘Tailwind’ That Could Take ETH Above $2,000

Why It Matters: These accumulations came after ETH burst out following weeks of sideways trading due to encouraging developments around the U.S. trade deals.

ETH charted a sharp recovery, hitting levels not seen since the last week of February. The coin's trading volume has popped 150% to $51.35 billion in the last 24 hours.

Price Action:  At the time of writing, ETH was exchanging hands at $2,334.63, up 20.63% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin was still down 31%.

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