Trump-Linked Crypto Platform Deposits $33 Million in Ether for Staking
Recent sentiment towards Ethereum's ether (ETH) has declined, but activity by World Liberty Financial (WLFI), linked to the Trump family, may indicate a potential turnaround. Key points include:
- WLFI deposited 10,000 ETH (approximately $33 million) into Lido Finance (LDO), the leading ether staking platform.
- This follows WLFI's acquisition of over $110 million in various crypto assets, including ETH and wrapped bitcoin (wBTC).
- The move suggests possible regulatory approval for staking in spot ETH exchange-traded funds (ETFs), as indicated by SEC Commissioner Hester Pierce.
- U.S. spot ETH ETFs currently manage $12 billion in assets, potentially increasing demand if approved for staking.
- ETH has recently hit a four-year low against bitcoin (BTC) amid competitive pressures from other blockchains like Solana.
Market reactions to upcoming staking ETF developments could significantly influence ETH's price and surrounding tokens like LDO.