News

Fidelity Pursues Ethereum ETF Despite Potential SEC Hurdles

Fidelity Investments has taken a bold step in the cryptocurrency market by submitting a Form S-1 for a proposed spot Ethereum exchange-traded fund (ETF) with staking capabilities, according to recent SEC filings.

This move underscores Fidelity’s commitment to expanding its presence in the burgeoning digital asset space.

However, Bloomberg analyst James Seyffart remains cautious, suggesting that the round of spot Ethereum ETF applications may face rejection when the SEC makes its decision in May.

Despite potential regulatory hurdles, BlackRock CEO Larry Fink remains optimistic about the prospect of introducing an Ethereum ETF. BlackRock, along with seven other issuers, has applied to the SEC for Ethereum spot ETFs.

More Notable Ethereum Whale Activity To Monitor

In the midst of these developments, on-chain reports reveal significant activity from Whale 0xf2b, who recently liquidated their entire stash of 17,768 ETH for 62.24 million DAI at an average price of $3,503.

This move comes amidst market volatility, with the price of Ethereum experiencing a 4.28% decline in the past 12 hours, dipping from a high of $3,659.

Related Post

Notably, the whale’s Ethereum holdings include tokens acquired at an early and relatively low average price, with 14,277 ETH withdrawn from Gemini and Bittrex at an average cost of $679 between March 13, 2017, and April 2, 2021.

Additionally, 3,000 ETH was received from MakerDAO in what appears to be a loan, suggesting a bearish stance on Ethereum.

Despite the recent market downturn, the whale is poised to realize substantial profits, with an estimated return on investment (ROI) exceeding 400% from their Ethereum holdings.

As the cryptocurrency landscape continues to evolve, the pursuit of Ethereum ETFs by institutional players like Fidelity and BlackRock highlights the growing mainstream interest in digital assets and blockchain technology.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: sinenkiy/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

1 hour ago

Top 5 Best Crypto Presales to Grab Now: Don’t Miss These December Week 1 Gems

The crypto market is a buzz with promising presales as 2024 draws the curtains. With…

1 hour ago

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

10 hours ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

10 hours ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

10 hours ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

10 hours ago