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Billionaire venture capitalist and PayPal cofounder Peter Thiel has made a bullish move on Ethereum (ETH). This follows his acquisition of a 9.1% stake in Bitmine Immersion Technologies, Inc. (BIT). The bullish move has triggered optimism that the leading altcoin could make a push for the $4,000 price level in the ongoing cycle.
Ethereum’s institutional appeal strengthened
According to a filing with the U.S. Securities and Exchange Commission (SEC), Thiel has now acquired a significant stake in BIT. Currently, Thiel holds a total of 5,094,000 shares of Bitmine's common stock. This is significant given Bitmine’s shift to an Ethereum-based treasury, which mirrors Strategy’s Bitcoin approach.
Thiel’s move could be an early sign of institutional accumulation of Ethereum via strategic investment vehicles as they anticipate a significant rally. Such a rally could see the price of ETH flip the next psychological level of $4,000.
According to Sassal, a user on X, Thiel's move suggests that Ethereum is likely to surge far beyond the imaginations of many in the crypto ecosystem. That is, since Thiel is investing in ETH, the price must be going significantly higher than the current $3,000 range.
As of press time, Ethereum was trading at $3,154.71, representing a 6.19% increase over the last 24 hours. The trading volume has increased by 16.57% to $37.77 billion, indicating strong investor interest.
ETH/BTC ratio signals momentum shift
Interestingly, Peter Thiel is not the only institutional investor that has shown interest in Ethereum recently. Within the past week, SharpLink, a Joseph Lubin-backed publicly traded company, emerged as the leading corporate holder of Ethereum. This followed an addition of $213 million worth of ETH to its holdings.
Meanwhile, in terms of price outlook, Ethereum is eyeing a significant breakout, as the ETH/BTC ratio indicates the altcoin is gaining strength against the flagship cryptocurrency.
Vladislav Sopov
U.Today Editorial Team