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the whale’s Ethereum holdings include tokens acquired at an early and relatively low average price, with 14,277 ETH withdrawn from Gemini and Bittrex at an average cost of $679 between March 13, 2017, and April 2, 2021.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