Ethereum’s native token, ether ETH, rose nearly 6% Wednesday, outperforming bitcoin (BTC), XRP (XRP) and solana’s SOL (SOL) as expected. The outperformance saw record trading activity in BlackRock’s spot ether exchange-traded fund (ETF), ETHA, listed on Nasdaq.

More than 43 million shares of ETHA changed hands Wednesday, the highest single-day tally since the fund’s debut a year ago, nearly doubling from the previous day’s total of 24 million, according to data source Yahoo Finance.

Daily volumes have been rising for over a month, as evidenced by the 30-day average, which has climbed to a record 18.83 million from 12.97 million in early June, according to data source TradingView.

The ETF has also seen brisk inflow of investor money, pointing to a bullish market sentiment for the second-largest cryptocurrency by market value. The ETF has collected over $1.20 billion in investor money since June, with the net inflows totaling $159 million on Tuesday, the biggest single-day tally since June 11, according to data source SoSoValue.

An ether (ETH) trader known only by their wallet address became the subject of on-chain attention after a massive short position flipped from deep unrealized profit to a loss in a matter of days.

According to data from Lookonchain, wallet address 0xCB92 opened a 50,000 ETH short position on Hyperliquid, which at one point showed an unrealized profit of over $26 million.

But rather than closing the transaction, the trader held on — even adding another 10,000 ETH to the short position even as the price rose. A short position is, in effect, a bet the price will fall. If it rises, the trader loses out.

The decision turned out to be costly. As ETH surged, the position was stopped out, and Lookonchain reported the trader realized a loss of $716,000 as of Thursday.

The position might have been a hedge against a long position as part of a broader strategy, though the tracked wallet held only a short position.

The moves are reminiscent of infamous trader ‘James Wynn,’ whose on-chain antics drew eyes to Hyperliquid among mainstream circles.

In May, Wynn built a record-setting $1.25 billion notional long position in bitcoin (BTC) at an average price of $108,243, only to see it collapse as the fell below $105,000 after U.S. President Donald Trump’s tariff announcement on EU exports.

Multiple liquidations, including a 527 BTC position worth over $55 million and a 421 BTC position worth nearly $44 million, wiped out more than $100 million of Wynn’s holdings over a few days, leaving many wondering if they were witnessing a full-blown gambling addiction.

Wynn has since not opened any trades similar to his May one. Wallet 0xCB92 may be the one stepping up to take the baton.

Justin Sun’s $100 million TRUMP token buy signals a strategic alignment with the U.S. administration’s pro-crypto stance and marks the first of many planned collaborations with the Trump team, the Tron founder told CoinDesk in an interview.

This isn’t the first investment the Tron founder has made in projects within the Trump-crypto universe.

Sun’s ties to Trump-affiliated crypto ventures date back to shortly after last year’s election, when he purchased approximately $75 million worth of World Liberty Financial (WLFI) tokens in multiple tranches.

Sun said the TRUMP token, originally issued on Solana, will soon be bridged to Tron using LayerZero, with plans to make it a flagship asset within the ecosystem.

«I think Tron has the potential to become the next-generation settlement layer — not only for stablecoins, but also for meme coins and other popular assets,» Sun said.

Beyond technical integration, Sun described Tron’s plans for the TRUMP token as a global expansion strategy targeting Asia and Africa, alongside campaigns to boost adoption and exchange listings.

That marks a stark contrast to the earlier days of politically themed tokens, such as the unofficial Donald Trump fan coin, MAGA, which struggled to get listed on exchanges because it was deemed “too political” at the time.

«We will make TRUMP token very popular in Asia and in the rest of the world,» he said. “TRUMP is a very important memecoin, and a globally recognized IP.”

He framed the initiative as part of a broader effort to tie Tron’s growth to a friendlier regulatory climate under President Trump, and hinted at further collaborations spanning stablecoins and DeFi.

“With the Trump administration showing great support for cryptocurrency, I think we are entering a new chapter for the industry,” Sun said, comparing the White House’s embrace of crypto to former President Bill Clinton’s initiatives to push adoption of the internet in the 1990s – and make the U.S. the hub for its development.

«I think that’s something that will benefit the US for the next 20, 50, even 100 years,» Sun continued.

This optimistic view isn’t exactly universally held.

As CoinDesk previously reported, Democrat lawmakers are working on the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would seek to prohibit presidents and their families from dabbling in memecoins or issuing other financial assets.

«It’s pay-to-play politics on steroids, and Trump is cashing in,» is how a release from the office of U.S. Senator Chris Murphy, a sponsor of the MEME Act, described it.

Tron Inc. is only the beginning

Aside from the TRUMP token buy, Sun discussed Tron Inc., a company undergoing a reverse merger with Nasdaq-listed SRM Entertainment as part of a plan to create a publicly traded vehicle aligned with the Tron ecosystem.

“More and more U.S. institutional investors will find the Tron strategy as a good way to invest into the crypto ecosystem,” he said. “I think it will become a beacon for people to get into crypto.”

And, he said, there are more to come.

Read more: Asia Morning Briefing: Tron’s Public Listing Might Be Investors’ ‘Visa’ Moment for Stablecoins