Fidelity triggers sell-off fears for this crypto after dumping over $50 million
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, came just hours after the same wallet received a 6,000 ETH deposit from a Fidelity-linked address. This sequence of events has raised concerns that Fidelity or a related custodian may be preparing to liquidate a significant Ethereum position. Notably, the wallet involved in these transactions has been active over the past month, receiving inflows from major custodians and transferring assets to hot wallets associated with exchanges. The timing and size of the most recent transf...