Fidelity triggers sell-off fears for this crypto after dumping over $50 million
Main Idea
Fidelity transferred significant amounts of Ethereum to Coinbase, coinciding with a large outflow from BlackRock's Ethereum ETF, amid a decline in ETH's price.
Key Points
1. Fidelity moved 10,000 ETH ($35.77M) and 4,978 ETH ($17.8M) to Coinbase within five minutes, following a 6,000 ETH deposit from a Fidelity-linked address.
2. BlackRock's spot Ethereum ETF saw its largest single-day outflow of 101,975 ETH ($375M) on August 4, ending a 21-day inflow streak.
3. Ethereum's price dropped over 3% in 24 hours and 4% over the past week, trading at $3,587 at press time.
4. The transfers suggest institutional movement of Ethereum, potentially impacting market dynamics.
Description
Investment management giant Fidelity has triggered possible Ethereum ( ETH ) sell-off jitters after transferring $54 million worth of the asset to Coinbase. In this transaction, a wallet previously funded by Fidelity Custody moved 10,000 ETH and 4,978 ETH to Coinbase within a five-minute window, according to Arkham Intelligence data provided on August 5. Fidelity Ethereum transfer to Coinbase. Source: Arkham The transfers, valued at approximately $35.77 million and $17.8 million respectively, ca...
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