OUR DEAL WITH CHINA IS DONE, Trump Posts, Sending Ether (ETH) to Intraday Highs

At 8:04 a.m. ET on Wednesday, former U.S. president Donald Trump posted on Truth Social that “OUR DEAL WITH CHINA IS DONE,”

Former U.S. president Donald Trump said on Wednesday that his administration had reached a new deal with China to reduce tariffs and maintain a positive economic relationship, in a post on Truth Social.

“The new & excellent relationship with China will continue, with President Xi & I in agreement. As HERETOFORE stated, the U.S. tariffs will remain at 55% & China’s tariffs will be 10%,” Trump wrote on Wednesday morning, at 8:04 a.m. ET, adding that the agreement was pending both leaders’ formal approval.

The post sparked an initial risk-on bid, with global equity futures rising in response, bitcoin (BTC) also ticking higher and ether (ETH) pushing to about $2,780 on expanding spot turnover.

But risk appetite intensified around 8:30 a.m. ET, after the U.S. Labor Department reported that May headline and core CPI each rose just 0.1 percent month on month, in an report that undercut economists’ 0.2 percent forecasts for both measures.

The cooler print, which came after April's CPI numbers were revised lower, fueled expectations the Federal Reserve could trim rates later this year, driving Treasury yields and the dollar lower while extending gains in equities.

Against that macro backdrop, ether vaulted from the upper-$2,780s to an intraday high of $2,873.46, with spot volume swelling to roughly 527,000 coins (≈$1.47 billion), according to CoinDesk Research's technical analysis model.

Structural tailwinds also remain in place, with staked ETH reaching a record 34.65 million tokens (≈28.7 percent of supply), exchange-traded funds logging a 16-day inflow streak at a total of about $900 million, and futures open interest hitting a fresh high above $21.7 billion—all highlighting persistent institutional interest.

That theme was also evident in reports that BlackRock has been accumulating ether, with one report putting the aggregate sum at $500 million over the past ten days.

Traders will now be looking for a decisive close above $2,900 to open a potential run at the psychological $3,000 mark, while also keeping an eye out for any pullback toward the recently established $2,750–$2,760 support band.