Ethereum Soars: Fidelity’s Store of Value Endorsement Cements ETH’s Wall Street Cred
Move over, gold—Wall Street's flirting with a digital alternative. Fidelity Investments just slapped a 'store of value' label on Ethereum, and suddenly, ETH's trading screens glow a little greener.
Institutional adoption? Check. Mainstream credibility? Double-check. The same suits who once scoffed at crypto now scramble to reposition ETH as 'digital gold 2.0'—just in time for their quarterly performance reports.
Funny how a trillion-dollar asset manager can shift the narrative faster than a DeFi exploit. But hey, when the whales speak, the market listens. Even if it takes them five years to acknowledge what retail traders knew in 2020.
One question remains: Will ETH's volatility ever match gold's snooze-inducing stability? Don't bet your yacht on it—but for now, the smart money's pretending it will.
ETH ▲6.41% as a legitimate store of value (SoV) and a cornerstone of modern digital infrastructure.
“Ether can serve as a medium of exchange and a store of value,” the report wrote. “Blockchains have embedded currencies… they should be compared to sovereign economies, not tech companies.”
Ethereum’s reputation as Bitcoin’s erratic cousin took a hit in 2024. It cratered against BTC and underperformed Solana, but now, with renewed interest in ETH, we might be seeing the catalyst to send it back to ATHs.
EthereumPriceMarket CapETH$335.47B24h7d30d1yAll time
Ethereum Projections Flip Bitcoin in Daily Volume and Derivatives Interest
Following the report, market sentiment surrounding ETH flipped bullish almost overnight. The token surged nearly 7% to $2,620, breaking out from a multi-week range beneath $2.4k. According to CoinGlass data, ETH has now overtaken BTC in terms of daily trading volume and open interest.
Ethereum’s futures market, while Bitcoin’s declined slightly. Derivatives trading hit $59 billion, with ETH accounting for a growing share.
At the same time, thefor Q3 options sits at 0.44, signaling a heavy tilt toward bullish momentum.
Lastly, of note, on July 3, ETH spot ETFs saw their largest single-day inflow in a month, with $148 million entering the market. Total inflows for July have now exceeded $300 million, according to Glassnode.
ETH Faces Skeptics, But Q3 Momentum Builds
Despite the sharp rally, traders are piling into short positions against ETH, perhaps expecting a repeat of Springtime, when ETH failed to break above $2.8K and suffered a swift 20% drawdown.
But this time, conditions look different. Open interest is climbing, and so is spot demand.
And crucially, ETH has, creating room for more upside. The question now is whether ethereum can finally close the gap and reclaim $3K?
Key Takeaways
- Ethereum is catching the attention of Wall Street in a serious way. In a recent report, Fidelity Investments described ETH as a legitimate SoV.
- Despite the sharp rally, traders are piling into short positions against ETH, perhaps expecting a repeat of Springtime.
