• 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. 

TradingView ChartEtheruem 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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

NEAR protocol could see a rally as it sets out to launch an AI smart contract builder

NEAR protocol could see a rally as it sets out to launch an AI smart contract builder

Near protocol (NEAR) co-founder Illia Polosukhin stated in a social media post on Wednesday plans for NEAR to launch NEAR AI, a user-owned AI system that will allow users to build web3 apps without code on an end-to-end network.

More Near News

US House of Reps passes bill aiming to regulate cryptocurrencies

US House of Reps passes bill aiming to regulate cryptocurrencies

FIT21 bill received massive support as the House of Representatives voted to pass the bill on Wednesday. The White House and US Securities & Exchange Commission (SEC) Chair, Gary Gensler, expressed concerns about the potential impact of the FIT21 bill on investor protections in a statement.

More Cryptocurrencies News

Ethereum bulls await ETF approval as BlackRock, Bitwise, Grayscale submit amended ETH ETF filings

Ethereum bulls await ETF approval as BlackRock, Bitwise, Grayscale submit amended ETH ETF filings

Ethereum (ETH) is trading sideways on Wednesday as BlackRock, Bitwise and Grayscale submitted their amended 19b-4s filings to the Securities & Exchange Commission (SEC). The agency has also begun conversations with issuers on S-1s applications.

More Ethereum News

As Ethereum spot ETF approval nears, these altcoins could explode

As Ethereum spot ETF approval nears, these altcoins could explode

It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis

BTC

ETH

XRP