US crypto investors got a dose of optimism this week when Eric Trump stepped into the fray. He urged holders of Bitcoin and Ethereum to see the recent price drops as a buying chance. Prices took a tumble at the start of August, and his call came right when markets were reeling.
Eric Trump Urges Buyers As Prices Drop
Based on reports, Trump told followers on X that now is the time to scoop up coins. He first made a similar call back in February. Since then, Bitcoin jumped by 14% and Ethereum climbed by 18%. He sees the latest dip as another chance to grab bargains.
His faith in crypto runs deep. He says global M2 expansion means Ethereum ought to trade at or above $8,000. He also co-founded American Bitcoin with miner Hut 8 and wants it to become the biggest holder of BTC. That gives him a personal stake in prices moving up.
Let me say it again:
₿uy the dips!!! $BTC $ETH https://t.co/VSOvTgnlOT
— Eric Trump (@EricTrump) August 2, 2025
Sharp On-Chain Sales
On-chain data shows that some big names are selling off. BitMEX co-founder Arthur Hayes moved about $13 million worth of ETH, ENA, and PEPE amid the crash. It is a small slice of the total market. Yet it feeds a story of doubt spreading through crypto circles.
The swings have been steep. Bitcoin slipped under $113,000, hitting an intraday low of $112,820. Ethereum fell by nearly 5% and sits around $3,465. Other tokens fell too, with XRP and SOL each down over 5%. Short-term traders have felt the pinch.
ETF Outflows Hit Funds
Spot Bitcoin ETFs saw huge outflows. Based on reports, they lost about $810 million in a single day. Ethereum ETFs snapped a 20-day streak of inflows, bleeding $152 million. In total, crypto funds shed close to $1 billion. That kind of withdrawal looks dramatic on paper.
Market watchers say one-day figures can mislead. ETF flows swing in and out all the time. What matters more is net movement over weeks or months. Still, seeing nearly $1 billion head for the exit door shakes nerves.
Reports Point To Bigger Forces At Play
Analysts are eyeing more than just ETF numbers. The latest US jobs data for July showed hiring slowing. At the same time, fresh tariffs from US President Donald Trump on key imports have added to worries about global growth. Those two trends have pushed risk assets lower.
Long-run holders of Bitcoin view dips as normal. They expect prices to bounce back after short swings. New investors, though, might be nervous when they see big names selling or funds pulling out.
Featured image from Pexels, chart from TradingView
