Fidelity Doubles Down on Ethereum With $140 Million Purchase

The past week might not have been entirely negative for all Ethereum funds as recent data from Arkham shows that Fidelity Investments has purchased Ethereum worth over $140 million.

The massive Ethereum purchase has come after a week of positive performance from its ETF product despite the overall withdrawals seen across the ETH ETF market.

BlackRock interrupts with $285 million Ethereum sale

While the broader crypto market has continued to face mixed investor sentiment, the ETF market has been majorly impacted by the fading momentum.

Although the large Ethereum purchase made by Fidelity signals increased investor demand for its Ethereum-based investment product, the capital was not enough to bring the Ethereum ETF market to a positive close last week.

While the data further showed that BlackRock moved in the opposite direction, selling off over $285 million worth of ETF, it appears that BlackRock had outweighed Fidelity’s fresh capital intake with higher withdrawals.

As such, the combined Ethereum ETFs saw $206.4 million leave the market over the same period, signaling continued institutional caution as uncertainties continue to grow even across the broader crypto market.

Ethereum set to break six-month negative returns 

Apart from the BlackRock Ethereum sale, the asset has continued to see increased selling pressure from both retail and institutional holders, driving a prolonged period of volatility and weak price moves.

,However, this month has proved a bit positive for Ethereum with its price showing stronger performance than previous months, according to data from CryptoRank.

After recording steady monthly declines for the past six consecutive months, the leading cryptocurrency is on track to break the negative trend, as it currently posts a decent gain of 5.64% in March.