World Liberty Financial's Ethereum Bet Fuels Optimism

Ethereum's BTC ratio dropped to its lowest since March 2021, reflecting investor preference for Bitcoin during this cycle.

World Liberty Financial (WLF), a Trump-backed crypto project, has purchased over 4,563 ETH for $15 million, reflecting continued institutional interest in the asset.

The latest purchase brings WLF’s total ETH holdings to 17,980, valued at around $61.6 million. The average price paid for the recent batch of ETH was $3,287.

According to Presto Research’s Min Jung, WLF’s accumulation of ETH highlights the asset’s enduring appeal among institutions.

“This latest purchase by World Liberty Financial further underscores the institutional demand for ETH, which is evident in its price resilience despite BTC's strong rally,” Jung told CoinDesk.

The institutional interest in ETH is also reflected in the recent launch of ETH-linked exchange-traded funds (ETFs) in Canada, which have seen strong demand from investors.

Meanwhile, Bitcoin (BTC) soared to $109,333 on Wednesday morning at FTX, hitting a fresh record high ahead of President-elect Donald Trump's inauguration.

The BTC price surged over 6% in the past 24 hours and more than 30% year-to-date.

The world’s largest cryptocurrency hovered around $105,000 at major U.S. exchanges Coinbase, Binance.US and Kraken.

Bitcoin’s rally comes as institutional interest in crypto continues to grow, with the launch of BTC-linked ETFs in the U.S. and Canada.

The ProShares Bitcoin Strategy ETF (BITO) hit a record high of $44.08 on Tuesday, while the Purpose Bitcoin ETF (BTCC) also set a new peak of CAD$102.00 ($81.05).