Key Insights:
- In the latest Ethereum news, Cathie Wood’s Ark Invest acquires 240,507 shares of BitMine.
- ETH price slipped 5% despite soaring corporate and institutional interest.
- Analyst warns of Ethereum price dip to $3,000, citing key conditions.
In the latest Ethereum news, Ark Invest has once again made headlines with its massive bet on the ETH treasury firm BitMine (BMNR) stock.
Besides, its CEO, Cathie Wood, has also caught the eyes of traders after she trimmed its BTC price prediction for 2030.
A flurry of market watchers are evaluating the possibility of Ark Invest shifting its focus towards Ethereum price.
However, despite the massive bets towards the Ethereum treasury firm, it has failed to have much impact on the ETH price.
In addition, the latest data also suggests that the institutions are also regaining their confidence in the digital assets space.
For context, both the US Spot Ether and Bitcoin ETF have recorded an inflow on November 6, breaking their six-day outflow streak.
So, here we explore the latest bets from Ark Invest on BitMine and how it has created headlines in the Ethereum news column.
Ethereum News: Ark Invest Bets Heavily on BitMine
In recent Ethereum news, Cathie Wood’s Ark Invest bets heavily in BitMine (BMNR), an Ethereum treasury company. This acquisition signals a potential shift in Ark Invest’s focus towards Ethereum.
According to Ark Invest Tracker, the firm bought 240,507 shares of BitMine, with allocations across ARKK, ARKW, and ARKF ETFs.
Notably, BitMine stands out for its Ethereum treasury strategy, accumulating and holding ETH as a long-term store of value.
Led by Tom Lee, known for his bullish views on ETH, BitMine’s approach aligns with Ark Invest’s innovative investment philosophy.
Meanwhile, this latest acquisition move indicates Ark Invest’s confidence in Ethereum as an emerging treasury asset.
By investing in BitMine, Ark gains indirect exposure to Ethereum without directly holding ETH.
Besides, this strategic pivot comes as Cathie Wood recently trimmed her Bitcoin price forecast for 2030, sparking discussions about Ark’s evolving focus.
Following that, while BMNR stock price fell, closing at a loss of 10%, most recently it shows an uptick of 7.65% and ended the session at $40.23.
The earlier dip could be attributed to the selloff recorded in the broader crypto market. At press time, ETH was trading near $3440, with an uptick of over 2%.
Besides, the stock market also retreated on November 6, suggesting that investors are playing it safe amid the volatile scenario in the financial markets.
ETH Price Making a Comeback?
As Ark Invest bets on the Ethereum treasury firm BitMine, investors are seeking clarity on the potential future movement of ETH price.
Besides, the reverse track of the US Spot ETH ETF has further attracted traders to Ethereum news column.
On November 6, the Ethereum ETF recorded an inflow of $12.5 million, ending its six-day outflow streak. Over the past six days, the investment instrument saw a combined outflow of $837 million.
However, while most recently, ETF flows are in the red again, ETH price has recorded an uptick of 2.57% today and rose to $3,441.24 at the time of writing.
This comes amid a broader market selloff, with experts hinting at a further dip in the altcoin price.
For context, in a recent X post, analyst Lennaert Snyder warns of a potential dip if the $3,200 support level fails. ETH recently lost the $3,350 support, which has already spooked traders.
Now, Snyder notes that if Bitcoin price continues to slide, Ethereum will likely lose $3,240, heading for new lows. Snyder’s cautious stance: “I’m not looking for longs until we reclaim $3,400 resistance.”
Considering that, it seems that he’ll consider a small long position if ETH price reverses after hitting the $3,200 support.
The chart that he shared suggests a possible drop to $3,000 if the support fails, while a bounce back to $3,400 could spark a rally to $3,650.
Having said that, traders must watch the $3,200 support level closely for indications of the potential future movement of Ethereum.
For now, it seems that Bitcoin’s influence will also play a key role in the altcoin’s coming performance.