Ethereum (ETH) has become a focal point for Wall Street, as asset management firm Fidelity now recognizes ETH as a store of value (SoV) and a viable option for wealth preservation. In a recent report, Fidelity emphasized that Ether is essential for transactions on the Ethereum blockchain, serving as both a medium of exchange and a store of value.
The firm compared blockchains with embedded currencies, like Ethereum’s ETH, to sovereign nations and their economies, rather than traditional Web 2 companies. Fidelity also highlighted that ETH is the most actively traded asset on exchanges and is commonly used as a primary asset for borrowing.
Market reactions to Fidelity’s endorsement of ETH have been positive, particularly among pro-ETH enthusiasts. Previously, ETH faced criticism for not being a strong SoV like Bitcoin (BTC), leading to a significant market disconnect in 2024. However, Fidelity’s report has instilled confidence in ETH, with some experts referring to it as undervalued.
Analysts have made optimistic projections for ETH in light of an anticipated stablecoin boom and the emergence of internet capital markets. Following Fidelity’s update, sentiment towards ETH has improved, driving a 2.8% price increase to $2.6K. This positive sentiment has propelled ETH to surpass BTC in daily trading volume and speculative interest.
At present, ETH’s Open Interest (OI) rate has surged by 7% compared to BTC, indicating a strong demand for ETH in the Futures market. Additionally, derivatives trading volume for ETH has exceeded that of BTC, suggesting that ETH may outperform BTC in terms of investor returns in the near future.
Looking ahead, the market sentiment for ETH in Q3 appears bullish, with a Put/Call Ratio of 0.44 favoring calls over puts. While ETH may face resistance below $3K, options traders are optimistic about a potential breakout. Overall, Fidelity’s recognition of ETH as a store of value has bolstered confidence in the cryptocurrency and paved the way for further growth and adoption in the market. The Benefits of Regular Exercise for Overall Health
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