$BTC World Liberty Financial, a decentralized finance (DeFi) protocol endorsed by former U.S. President Donald Trump, transferred the majority of its Ethereum (ETH) and wrapped Bitcoin (WBTC) holdings out of its treasury.

The protocol initiated the process with three $12 test transactions approximately seven hours prior, and then moved a significant amount of ETH to a Coinbase (NASDAQ:COIN) Prime deposit address.

The protocol's WBTC transactions underwent multiple transfers, utilizing decentralized exchange CoW Swap or intermediary addresses before arriving at a Coinbase hot wallet, as per Arkham Intelligence data. Additionally, World Liberty Financial shifted tens of millions of dollars in staked ETH, which was its third-largest asset just hours before.

The reasons behind the movement of ETH, previously the largest asset in the protocol's treasury, remain uncertain. Protocols often transfer ETH to an exchange when preparing to sell. Meanwhile, the protocol has been receiving small amounts of ETH in numerous low-value transactions from addresses with histories of activity on exchanges such as Binance, KuCoin, and Upbit.