Aaryamann Shrivastava
FXStreet
- The Ethereum Index Fund from Fidelity warranted a minimum investment of $50,000, with total sales reaching $5 million.
- The asset manager’s new Index Fund will track the Fidelity Ethereum Index PR and is only available to accredited investors.
- Ethereum is noting slight bullishness on Wednesday after weeks of disappointing sideways movement.
While the broader market has been up following news of Elon Musk’s revival of the $44 billion Twitter deal, Ethereum also has another external development supporting its 6% rise. The $4.5 trillion asset management company, Fidelity, filed for a new Ethereum Index Fund, which marks its second such fund in two years.
Fidelity’s new fund
According to the filing with the Securities and Exchange Commission (SEC), the Fidelity Ethereum Index Fund has raised a little over $5 million through its sales which started on September 26. Additionally, the fund has a minimum investment requirement of $50,000 for externalinvestors.
The Ethereum Index Fund is the second launch from Fidelity’s Digital Asset management business after the launch of Wise Origin Bitcoin Index Fund 1 in 2020.
The Bitcoin fund managed to amass investments worth over $125 million by the end of May 2021. The new Ethereum fund is set to track the performance of Fidelity Ethereum Index PR.
This is the second major index fund filing observed in the crypto space this week, as on Tuesday, FXStreet reported on the filing of New York Digital Investment Group’s (NYDIG) new Bitcoin Fund LP. This fund raised almost $720 million through 59 investors, with each investor averaging $12.2 million.
Ethereum finds a new high
Trading at $1,359, ETH’s price shot up by more than 6% in the last 24 hours, following the effect of the broader market bearishness. While the news of the launch of Fidelity’s fund kept the candles green, it also sustained ETH’s breach above the 11-month-old downtrend wedge.
Following the all-time high of November 2021, ETH has been stuck under the downtrend despite multiple breaches.
Etheruem 24-hour price chart
For now, a retest of the upper trend line as support could push ETH closer to $1,426, a level repeatedly tested and also stands as the next critical resistance for the altcoin king.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Cardano network’s Charles Hoskinson warns traders against AI token scams ahead of Apple developer conference
Charles Hoskinson, the founder of Cardano, has warned the crypto trading community against scams. With market participants watching the upcoming Apple 2023 WWDC lined up for Monday, there is a rally in artificial intelligence-based (AI) tokens.
Terra LUNA Classic price on the rise as Montenegro court approves Do Kwon’s second bail request
Terra LUNA Classic price yielded double-digit gains overnight for holders. LUNC price rallied in response to the recent development in Do Kwon’s bail request. The next hearing in Kwon’s case is June 16.
Pro-XRP attorney says Ripple has 25% chance of winning against SEC, Judge could announce verdict by September
Ripple has a 25% chance of winning its legal battle against the US Securities & Exchange Commission (SEC), according to pro-XRP attorney John Deaton. Over the weekend, Deaton shared his opinion on Ripple’s likelihood of both an outright win and a partial victory.
Why Solana price is primed for 30% rally
Solana price shows quite a few developments on the daily chart, all of which point to a bullish future for SOL holders. Investors can expect a quick run-up, which could develop into a medium-term uptrend if these optimistic conditions remain bullish.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.