Cathie Wood, known for her Bitcoin support, unexpectedly voiced support for Ethereum, emphasizing the significance of its recent achievements in scalability and privacy.
Support for Ethereum from ARK Invest
On platform X, Cathie Wood admitted that she doesn’t grasp all the technical details but believes the Ethereum Foundation is making the right moves. This statement followed immediately after the Ethereum Foundation announced plans to integrate zero-knowledge (ZK) proofs directly into the Ethereum Virtual Machine (EVM).
Vision of Ethereum's ZK Technology
As noted by Lorenzo Valiente, Director of Research at ARK, since the merger, only 373K ETH has been issued, while over the past nine days, Ethereum-linked ETFs have pulled in over 380K ETH. He stated that this indicates three years of new supply consumed in less than two weeks. Wood commented that, 'the price of any good is determined at the margin, demand relative to supply.'
ETH Sale by Ethereum Foundation
The Ethereum Foundation sold 10,000 ETH worth $25.7 million in an OTC deal to the gaming company SharpLink. The transaction took place on July 10, marking the first direct purchase of ETH from the Foundation by a publicly traded company. All proceeds will reportedly be used to support the Foundation’s core operations.
Cathie Wood's backing and the Ethereum Foundation's successful steps in integrating modern technologies highlight the growing interest in ETH in the market, despite challenges.
