Ethereum's recent price surge can be attributed to several market developments, including a significant purchase by World Liberty Financial, a decentralized finance project backed by U.S. President Donald Trump. The acquisition of an additional $10 million worth of Ethereum has boosted market confidence, reflecting strong institutional interest. This move comes amid a rise in Ethereum adoption, evidenced by an increase in active wallets and a notable accumulation of 100,000 ETH by large investors. These factors have contributed to a positive sentiment around Ethereum, despite broader macroeconomic challenges.
The Volatility Shares Trust 2x Ether ETF (ETHU) experienced a notable increase, rising 8.50% to $7.40 at 1:20 PM on Friday, January 31.