Ethereum [ETH] ETFs are grabbing attention again, and Fidelity is at the center of it all. Institutions are slowly coming around to ETH again. Hence, the question – Are they confident enough to keep buying?
Fidelity ETF’s strongest buying spree since April
According to wallet flows from Arkham Intelligence, Fidelity’s ETF clients have bought $28.6 million worth of ETH so far this week. That makes it the strongest week of buying for Fidelity’s ETH ETF in the past two months – The biggest since late April.
This is not a small one-off transfer either. In fact, there’s been repeated ETH movements linked to Fidelity FETH ETF inflows, with large transfers coming through familiar market and custody routes like Coinbase and Wintermute.
Institutional appetite is perhaps returning, but will it be strong enough to continue?
ETH inflows return after May
This fits into the greater tide. Total net inflows for Ethereum ETFs were at $41.52 million at press time, after several red weeks through May. While it doesn’t negate the earlier outflows, it’s definitely proof of recovery.
The other important detail is scale. Total net assets were still at $9.13 billion, even with ETH at about $1,657. Put simply, the ETF market around Ethereum still holds some weight, despite the latest weakness.
ETH price still needs better recovery
ETH was trading at around $1,651 at press time, after a big fall in early June. The small rebound is a good sign, but short-term cautiousness still seemed very much afoot.
In fact, ETH appeared to be in a weak zone (as indicated by RSI), even after the bounce. The DMI numbers also showed that sellers have more control than buyers… for now.
While there may be encouraging ETF numbers, the price action really needs to follow. With follow through, the latest interest could start to matter more on the charts.
Final Summary
- Fidelity’s Ethereum ETF clients bought $28.6M worth of ETH this week.
- ETH inflows are improving, but ETH’s price still needs a greater push.