Crypto

Fidelity Sells 1,820 Bitcoin to Acquire This Cryptocurrency

Massive Bitcoin Transaction by Fidelity

On June 12, a significant financial maneuver unfolded as Fidelity offloaded 1,820 Bitcoin (BTC). This transaction, valued at over $190 million, marks one of the most substantial institutional Bitcoin transactions in recent memory.

Currently, Bitcoin is experiencing a surge in daily trading volume, which has increased by 35% to reach $71.09 billion. However, the price of Bitcoin has seen a slight decline of 1.83%, now standing at $105,102. This fluctuation indicates potential short-term volatility in the Bitcoin market.

Ethereum ETFs: A Record-Breaking Trend

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Amid this Bitcoin activity, Fidelity also made a strategic acquisition of 3,900 Ethereum (ETH), totaling over $9.8 million. Despite Ethereum’s 7.24% decline in the past 24 hours, Ethereum Exchange-Traded Funds (ETFs) are setting new records. The inflow today has surpassed $110 million, highlighting the growing interest in these financial instruments.

In contrast to Fidelity’s investment, BlackRock has made an even more aggressive foray into Ethereum. The firm acquired a staggering 36,640 ETH, worth more than $92.5 million. This purchase comes on the heels of their previous massive acquisition, valued at $80.6 million, just two days prior.

Institutional Focus Shifts to ETFs

The attention of institutional investors is increasingly gravitating towards ETFs, as these financial instruments are at the center of unprecedented market movements. The anticipation is further fueled by the potential resolution of the ongoing Ripple versus SEC legal battle, which could pave the way for a surge in altcoin ETF discussions in the weeks to come.

As the financial landscape continues to evolve, the strategic decisions by major players like Fidelity and BlackRock underscore the dynamic nature of cryptocurrency investments and the pivotal role of ETFs in shaping the future of digital asset trading.

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Emma Horvath

After graduating Communication and Media Studies MA in Eötvös Loránd University, Emma started to realize that her childhood dream as a creative news reporter committed to find dynamic journalism stories. I'm a passionate journalist with a keen interest in the fast-evolving world of cryptocurrencies. I've been reporting on the latest developments in the crypto industry for several years now, covering breaking news and providing insights on how the market is trending. I'm adept at analyzing daily market movements, researching ICOs, and keeping track of the latest innovations in blockchain technology. My expertise in the space makes her a trusted voice in the crypto community. Whether it's the latest Bitcoin price movements or the launch of a new DeFi platform, I am always at the forefront, bringing her readers the most up-to-date and informative news.

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