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Sacks and his VC firm sold over $200M in crypto and stocks before WH role
David Sacks and his venture capital firm sold over $200 million in crypto and crypto-related stocks before he commenced his role as the White House AI and crypto czar, a White House memorandum disclosed.
“You and Craft Ventures have divested over $200 million of positions related to the digital asset industry, of which $85 million is directly attributable to you,” said the memorandum dated March 5.
Crypto sell-off in an effort to prevent conflict of interest
The memorandum said “significant steps” were taken to reduce potential conflicts of interest before Sacks began his tenure as the White House AI and crypto czar — in which a major part of his role is to help create a legal framework for the crypto industry.
Sacks offloaded all the “liquid cryptocurrency” in his portfolio, as well as Craft Ventures’ portfolio — the investment firm he co-founded in 2017 — including holdings in Bitcoin (BTC), Ether (ETH), and Solana (SOL) before US President Donald Trump’s inauguration on Jan. 20.
The memorandum outlined which cryptocurrencies and crypto-related stocks David Sacks sold prior to Trump’s inauguration. Source: The White House
Since Trump’s inauguration, the crypto market has seen a major decline amid a broader market downturn, with many blaming Trump’s proposed tariffs and uncertainty over US interest rates.
While Bitcoin tapped a new all-time high of $109,000 just hours before Trump was sworn in as the 47th US president, it recently dipped below $80,000 on Feb. 27, erasing all post-election gains. At the time of publication, Bitcoin is trading at $84,155, as per CoinMarketCap data.
Sacks also divested from publicly traded crypto-related firms, including Coinbase (COIN), Robinhood (HOOD), and stakes in private digital asset companies.
Additionally, he sold his limited partner interest in Solana-focused Multichain Capital and crypto-focused venture capital firm Blockchain Capital. At the same time, Craft Ventures offloaded its holdings in Multichain Capital and Bitwise Asset Management.
Sen. Warren urged Sacks to prove he no longer holds crypto
The memorandum is dated one day before Massachusetts Senator Elizabeth Warren urged Sacks in a March 6 letter to prove he no longer holds any digital assets, following Sacks’ claim in an X post that he sold off all his crypto.
“Despite your public statements via X, it remains unclear exactly when you personally divested from BTC, ETH, and SOL, when Craft Ventures divested from Bitwise, and whether people close to you ‘may have held positions and sold into the recent price surge,” Warren said.
Since Sacks started the White House crypto role, he has been a vocal advocate on various issues in the crypto industry, from the importance of a Strategic Bitcoin Reserve to not over-taxing the crypto industry.
Related: Bitcoin panic selling costs new investors $100M in 6 weeks — Research
Sacks recently shut down the idea of crypto transaction taxes on an episode of the All In Podcast after host Jason Calacanis proposed charging a 0.01% tax on every cryptocurrency transaction.
“That’s always how taxes start. They are described as being very modest,” Sacks said.
“You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people,” Sacks added.
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Kaito AI, an artificial intelligence-powered platform that aggregates crypto data to provide market analysis for users, and its founder Yu Hu, were the victims of an X social media hack on March 15. In several now-deleted posts, hackers claimed that the Kaito wallets were compromised and advised users that their funds were not safe. According to DeFi Warhol, the hackers opened up a short position on KAITO tokens before posting the messages in the hopes that users would sell or pull their funds, which would have crashed the price and created profits for the threat actors. The price of the KAITO token dips, presumably due to a short position. Source: CoinMarketCap The Kaito AI team regained access to the accounts and reassured users that Kaito token wallets were not compromised in the social media exploit. “We had high-standard security measures in place to prevent [the hack] — so it seems to be similar or the same as other recent Twitter account hacks,” the Kaito AI team added. This recent exploit is the latest in a growing list of social media hacks, social engineering scams, and cybersecurity incidents plaguing the crypto industry. Source: Kaito AI Related: Kaito AI token defies influencer selling pressure with 50% price rally Pump.fun’s X account was hacked on Feb. 26 by a threat actor promoting several fake tokens, including a fraudulent governance token for the fair launch platform called “Pump.” According to onchain sleuth ZackXBT, the Pump.fun incident was directly connected to the Jupiter DAO account hack and the DogWifCoin X account compromise. On March 7, The Alberta Securities Commission, a Canadian financial regulator, warned the public that malicious actors were using fake news articles and fake endorsements featuring the likeness of Canadian politicians to promote a crypto scam. The scam, known as CanCap, played on fears of a trade war between Canada and the US to lure unsuspecting victims into investing in the project, which the scammers claimed had the support of Canadian leader Justin Trudeau. An example of a Lazarus social engineering scam where the hackers pretend to be venture capitalists experiencing audio-visual issues. Source: Nick Bax Crypto executives are also sounding the alarm on a new scam from the state-sponsored Lazarus hacker group, where the hackers pose as venture capitalists in a Zoom meeting. Once the target is in the meeting room, the hackers would claim they were experiencing audio-visual issues and redirect the victim to a malicious chat room where the user is encouraged to download a patch. The patch contains malicious software designed to steal crypto private keys and other sensitive information from the victim’s computer. Magazine: Lazarus Group’s favorite exploit revealed — Crypto hacks analysis The Open Network (TON) Society released a statement on March 15 celebrating the return of Pavel Durov’s passport as a win for freedom of speech, online privacy, and innovation. According to the AFP news agency, Durov left France and headed to Dubai on the morning of March 15 after gaining permission from French officials to depart the European country. “We have stood behind Pavel since his arrest on August 24, 2024,” the TON Society wrote. The group added: “Pavel’s unwavering commitment to freedom of speech and transparency, despite facing the most challenging of circumstances, is a powerful reminder of the importance of standing by your principles, even when it is politically and personally detrimental to do so.” The TON Society previously penned a letter condemning the French government for detaining Durov and urging the country to release the Telegram founder. The TON Society celebrates the return of Durov’s passport by French law enforcement officials. Source: TON Society “The arrest of the Telegram founder, Pavel Durov, is a direct assault on a basic human right — the freedom of expression of everyone,” the TON Society’s Aug. 27 letter read. At the time, the organization also called on the United Nations, the Council of Europe (CoE), the Organization for Security and Cooperation in Europe (OSCE), and the European Union (EU) to intervene and push for Durov’s release. Free speech advocates in the crypto industry sounded the alarm over Pavel Durov’s arrest, citing the troubling implications for privacy and decentralized technologies in the face of state pressure to censor the internet and the potential for regulatory capture. Related: Toncoin surges as Pavel Durov leaves France after months Shortly after French law enforcement officials detained the Telegram founder, President Emmanuel Macron denied the arrest was politically motivated and claimed that France was committed to free speech. French President Emmanuel Macron denies the arrest of Pavel Durov was politically motivated. Source: Emmanuel Macron In a subsequent press conference, Macron also denied inviting Durov to France amid a torrent of backlash from the crypto community and free speech advocates. Chris Pavlovski, the CEO of the free-speech video platform Rumble, announced that he safely departed Europe shortly following the detention of Pavel Durov. In an Aug. 25 X post, the CEO said that the French government threatened Rumble and condemned state authorities for the crackdown on free speech. Magazine: Did Telegram’s Pavel Durov commit a crime? Crypto lawyers weigh in The Bitcoin megaphone pattern features at least two higher highs and two lower lows, forming an expanding structure. Connecting these highs and lows with trendlines creates a megaphone-like appearance, reflecting market instability. The formation signals heightened volatility, with price swings becoming more pronounced over time. Depending on the trend direction, the pattern can indicate potential breakouts either upward (bullish) or downward (bearish). The megaphone pattern, also known as a broadening formation, is a technical analysis chart pattern that traders observe in various financial markets, including cryptocurrencies like Bitcoin. This pattern is characterized by its distinctive shape, resembling a megaphone or an expanding triangle, and signifies increasing volatility and market indecision. Here are its defining characteristics: Higher highs and lower lows: The pattern consists of at least two higher highs and two lower lows, forming an expanding structure. Each subsequent peak is higher than the previous one, and each trough is lower, creating diverging trendlines. Diverging trendlines: When trendlines are drawn connecting the higher highs and lower lows, they diverge, forming a broadening pattern that visually resembles a megaphone. Increased volatility: The formation of this pattern indicates heightened volatility as the price swings become more pronounced over time. This reflects a struggle between buyers and sellers, leading to wider price movements. Did you know? Bitcoin megaphone trading differs from traditional megaphone trading in that no physical megaphones are involved in the process. This variation of the pattern suggests a potential breakout to the upside. Initial uptrend: The price begins in an uptrend, reaching the first peak (point 1). First retracement: A pullback occurs, creating a lower low (point 2) that is still above the prior trend’s starting level. Higher high formation: The price rallies again, surpassing the previous high and forming a higher high (point 3). Lower low expansion: A more pronounced drop follows, leading to a lower low (point 4), extending the range of price fluctuations. Breakout and continuation: The price breaks above the resistance line (point 5), confirming a bullish breakout. This version of the pattern signals a potential downside breakout. Initial downtrend: The price begins with a downward movement, setting an initial low (point 1). First retracement: A minor upward correction follows, forming a lower high (point 2). Lower low expansion: A new low forms (point 3), further widening the range. Higher high formation : The price spikes again but still struggles to hold above prior highs (point 4). Breakout and reversal: The price breaks below the support line (point 5), confirming a bearish breakout. Did you know? A high-volume breakout from a megaphone pattern signals strong market conviction, confirming a real move. Low volume? It’s likely a fakeout, with the price reversing back. Remember, wait for a volume spike before entering. The megaphone pattern, or broadening formation, has appeared at various pivotal moments in Bitcoin’s trading history: In Bitcoin’s (BTC) formative years, extreme volatility often produced broadening formations. During this period, traders noted megaphone patterns — often with a bearish tint — reflecting wild price swings as the market struggled to find balance. Although less documented then, these early examples have since become reference points for understanding how chaotic market conditions can manifest as megaphone formations. As Bitcoin surged toward its then-all-time high near $20,000 in late 2017, a bearish megaphone pattern appeared on daily charts. This formation, marked by diverging trendlines with higher highs and lower lows, signaled increasing indecision and mounting selling pressure. Many technical analysts viewed it as a warning sign of an impending reversal — a forecast that materialized with the dramatic correction experienced in early 2018. In early 2021, as Bitcoin approached the $60,000 threshold, traders observed a bullish megaphone pattern forming on multiple timeframes. Characterized by a series of progressively higher highs and higher lows, this pattern indicated a period of heightened volatility combined with cautious optimism. The subsequent breakout confirmed a strong bullish momentum, reinforcing the pattern’s validity as a predictive tool in a maturing market. In this section, we’ll explore a number of trading strategies compatible with the Megaphone pattern. Breakout megaphone pattern trading involves entering a trade when the price decisively breaks out of the pattern’s boundaries with strong volume confirmation. a. Identifying key levels Draw upper and lower trendlines: Connect the pattern’s higher highs and lower lows to form the megaphone shape. These trendlines mark the critical resistance and support levels. Confirm the breakout zone: In a bullish scenario, the upper resistance line is the key zone to watch for a breakout. In a bearish scenario, focus on the lower support line. b. Volume confirmation Look for a volume surge: As the price breaches resistance (bullish) or support (bearish), a spike in volume indicates strong market participation. Reduce false breakouts: If volume remains weak at the breakout, there’s a higher chance of a fake move back into the pattern. c. Entry points Did you know? Placing your stop-loss inside the megaphone can help prevent excessive losses if the breakout fails and the price slides back into the pattern, giving you added protection in volatile markets. d. Profit targets Measure the pattern’s height by finding the vertical distance between its lowest and highest points, then use a portion of this measurement (commonly around 60%) to determine a balanced take-profit level. By projecting that percentage from the breakout point, whether above the upper resistance (for a bullish scenario) or below the lower support (for a bearish one), traders can set realistic targets while maintaining a favorable risk-to-reward ratio. Swing trading within a megaphone pattern involves capitalizing on the interim price moves between its support and resistance boundaries — without necessarily waiting for a definitive breakout. a. Identify key lines Upper resistance (R1, R2): These lines represent zones where price is likely to encounter selling pressure. Pivot line: A midpoint reference that can act as temporary support or resistance, depending on the direction of the price move. Lower support (S1, S2): Zones where buying pressure may emerge. b. Look for buy signals near support In a bullish megaphone, consider entering long positions near the lower support lines (S1 or S2), especially when you see a bounce or bullish candlestick formation. Confirm signals with oscillators (e.g., RSI, stochastics) or volume upticks indicating a shift in momentum. c. Sell signals near resistance In a bearish megaphone (or even within a bullish one, if you’re comfortable short-selling), traders may look for short entries near upper resistance lines (R1 or R2). A candlestick reversal pattern or a decline in volume at these resistance levels can reinforce the likelihood of a price reversal. d. Stop loss and take profit Place your stop-loss just above the resistance line (e.g., slightly above R2) to minimize losses if the price breaks out higher. For take-profit targets, consider exiting near the pivot line or the first support (S1). In cases of strong downward momentum, take partial profits at S1 and aim for S2 with the remaining position. e. Use the pivot line as a decision zone The pivot line in the center often serves as a short-term inflection point: Above the pivot: The bias may be bullish, favoring long positions. Below the pivot: The bias may be bearish, favoring short positions. If the price consistently hovers around the pivot line with no clear direction, wait for it to test either a support or resistance level to confirm the next swing. f. Combine volume and indicators Look for volume spikes at each support or resistance test. An uptick in volume when the price bounces off support or reverses from resistance can signal a stronger move. Also, tools like the relative strength index (RSI) or moving average convergence/divergence (MACD) can help confirm overbought/oversold conditions, strengthening the case for a reversal trade. False breakout megaphone pattern trading involves recognizing when the price briefly breaches the megaphone’s support or resistance, only to quickly return within its boundaries — a scenario often accompanied by low volume. In such cases, instead of chasing the breakout, traders look for confirmation of the reversal before entering a counter-trend trade. This strategy requires identifying key trendlines that define the pattern, monitoring volume for weak breakout signals, and entering a trade once the price re-enters the formation, typically placing stop-loss orders within the pattern to limit losses and setting profit targets based on the measured height of the formation. Given the inherent volatility of Bitcoin and the wild price swings characteristic of the megaphone pattern, robust risk management is essential to safeguarding your trading capital. Here are several key strategies to incorporate into your trading plan: The expanding range of the megaphone pattern signifies increasing uncertainty. Recognize that rapid swings can lead to both substantial gains and equally significant losses. Monitor market sentiment closely and be prepared for sudden reversals, especially during false breakouts where low volume might signal a lack of conviction. Position sizing: Determine your position size based on the maximum risk you are willing to take (typically 1%–2% of your trading account). Cautious use of leverage: While leverage can amplify profits, it equally increases potential losses. Use leverage sparingly and ensure your risk parameters can accommodate amplified swings. Stop-loss orders: Place stop-loss orders just within the megaphone formation’s boundaries. This positioning helps limit losses if the price reverses unexpectedly. Take-profit targets: Calculate your profit targets by measuring the vertical distance of the pattern and projecting a reasonable percentage from the breakout point. This ensures you secure gains while maintaining a favorable risk-to-reward ratio. Market conditions can shift rapidly. Continuously reassess your trades by: Monitoring volume and momentum: Use volume spikes and momentum indicators to adjust your stop-loss or take-profit levels dynamically, ensuring that your exit strategy adapts to the evolving market. Using trailing stops: Consider employing trailing stop orders to lock in profits as the price moves in your favor while still allowing room for potential gains. And that’s it — happy megaphone trading! 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Key takeaways
1. Bullish megaphone formation
2. Bearish megaphone formation
Megaphone history in Bitcoin trading
1. The early days: 2013–2014
2. The late 2017–early 2018 bearish formation
3. The early 2021 bullish turn
Trading strategies for the megaphone pattern
1. Megaphone breakout trading
2. Swing trading within the pattern
3. False breakout strategy
Risk management and considerations
1. Volatility awareness
2. Position sizing and leverage
3. Stop-loss and take-profit levels
4. Adaptive risk controls
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