- Fidelity just bought $210.1 million worth of Etehreum.
- This marks the entity’s highest ETH accumulation purchase yet.
- Could this be a strategic pivot from BTC to ETH like BlackRock’s move?
The ETH accumulation race this bull cycle seems to be relentless, even more bullish than the BTC accumulation race going on behind ETH. It seems that the current price dip is acting as a golden opportunity for institutions to heavily accumulate the pioneer altcoin asset, Ethereum (ETH). In fact, Fidelity just bought $210.1 million worth of Ethereum (ETH), marking the entity’s largest ETH accumulation yet.
Fidelity Just Bought $210.1 Million Worth of ETH
The price of Ethereum ETH was close to reclaiming the $4,000 price range this week. Unfortunately, a heavy liquidation of over $107 million triggered by Galaxy Digital’s BTC sales led to significant long-position liquidations. This, in turn, has led to a short yet significant dip in crypto prices. Specifically, the price of BTC fell from $119,000 to $115,000, so close to reclaiming the $120,000 price range.
As for the price of Ethereum (ETH), it had just hit a trend high of $3,800 and was set to hit $4,000 soon. However, the recent market dip led to the ETH price falling to the $3,600 price range, instead. Now, financial institutions and ETH whales have seen this dip as a mighty golden opportunity to accumulate more. To highlight, institutional interest in ETH has increased significantly this bull cycle.
Going back to the last bull cycle, it was mostly just El Salvador that had made BTC a legal tender, which was actively accumulating Bitcoin. This was followed by Michael Saylor’s Strategy, then known as MicroStrategy, inspired by El Salvador’s Bitcoin strategy pivot, also heavily accumulating BTC. In contrast, this cycle has multiple governments, corporations, and institutions buying BTC in bulk.
This Marks Fidelity’s Largest ETH Accumulation Yet
These institutions include BlackRock, Fidelity, VanEck, and many more. The only difference for this bull cycle is that these institutions have started to heavily invest in ETH as well, so much so that for some, like BlackRock, their ETH accumulation has surpassed their BTC accumulation, and it seems that Fidelity may also be making their strategic pivot soon. As we can see from the post above, Fidelity just bought $210.1 million worth of Ethereum, marking its biggest ETH accumulation yet.
In the long run, holding more ETH than BTC may be a good strategy for the rest of this bull cycle. As we can see from the BTC pump so far, the pioneer crypto asset has already pumped a significant amount. In contrast, the price of ETH has yet to reclaim its previous ATh price, let alone set new ones. This provides a greater opportunity to reap higher profits from ETH over BTC in teh coming months ahead.
