Fidelity just bought over $25 million of this crypto

Traditional finance continues to pour capital into crypto, with Fidelity’s Ethereum ETF (FETH) recording a $25.7 million daily inflow on June 30, according to data from Farside Investors. The purchase of 10,283.08 ETH follows a $28.9 million purchase on June 27, meaning Fidelity’s Ethereum ETF has received $1.69 billion in net inflows so far across its spot ETF product. Ethereum ETF inflows. Source: Farside Investors Institutional momentum builds These back-to-back inflows mark one of Fidelity’s most aggressive accumulation streaks to date. While flows into crypto ETFs can be volatile, two large purchases in less than 72 hours is seen by analysts as a strong signal of institutional conviction. BlackRock also joined the buying spree, adding $6.1 million to its ETHA ETF on June 30, after purchasing $48.1 million on June 27, BlackRock’s ETH ETF has attracted $5.52 billion in inflows since launch, the largest among all Ethereum ETF issuers so far. Crypto market implications Large inflows from asset managers like Fidelity and BlackRock typically precede increased spot buying activity, which can help fuel upward price pressure on Ethereum due to improved liquidity, investor confidence, and deeper price discovery. Ethereum is currently trading at $2,457, up 1.8% over the past week, according to Finbold crypto market data . While short-term volatility remains, analysts believe persistent institutional flows can create a more resilient price floor. The post Fidelity just bought over $25 million of this crypto appeared first on Finbold .

Source: Finbold