Financial services firm World Liberty Financial (WLFI) has significantly increased its holdings of Ethereum (ETH) amid a recent market rebound, indicating renewed institutional confidence in the cryptocurrency.
Blockchain data reveals wallets associated with WLFI purchased approximately 10,013 ETH, valued at around $30 million, within a six-day period. This acquisition brings WLFI’s total estimated ETH holdings to roughly 80,000 tokens.
This substantial buying spree represents a notable shift from WLFI’s position earlier in the year, when it reportedly sold approximately $8 million worth of ETH during market downturns.
The accumulation coincides with a strong recovery in the price of Ethereum, which has surged nearly 50% over the past month, breaking out of a prolonged downtrend as sentiment improves.
Adding to the positive sentiment, Eric Trump publicly endorsed Ethereum’s upward trajectory. On the social media platform X (formerly Twitter), he tweeted his support for the cryptocurrency’s resurgence and celebrated its price surge with a ‘mic drop’ meme.
Reflecting strong investor demand, the price of Ethereum currently stands at approximately $3,651, marking a significant 17% gain over the past week.