Ethereum targets US$4,500 with ETFs and should favor Bitcoin's rally with ETH's rival on the brink. Prices were falling with the movement of US$ 7 billion in Mt. Gox portfolios, but new highs remain on the radar. https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror=redirect,quality=90,width=587/https://s3.cointelegraph.com/storage/uploads/view/063f4009a31428df4e813a63b90910f7.jpg
This strategic purchase follows a series of previous Bitcoin acquisitions by Metaplanet. In April 2024, the company announced its intention to invest ¥1 billion in Bitcoin, making it the first publicly traded company on the Tokyo Stock Exchange to do so . The recent decision to purchase an additional ¥250 million worth of Bitcoin demonstrates Metaplanet's continued commitment to accumulating the cryptocurrency
The approval of ETFs for Ethereum is anticipated to reduce selling pressure on ETH compared to Bitcoin, as the Grayscale Ethereum Fund (ETHE) has a smaller market share of ether market capitalization than the Grayscale Bitcoin Fund (GBTC)