Ethereum is catching the attention of Wall Street in a serious way. In a recent report, Fidelity Investments described ETH ▼-1.62% 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.
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 open interest jumped 7%, while Bitcoin’s declined slightly. Derivatives trading hit $59 billion, with ETH accounting for a growing share.
At the same time, the Put/Call Ratio for 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 flipped previous resistance into support, creating room for more upside. The question now is whether Ethereum can finally close the gap and reclaim $3K?
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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.
The post Ethereum Projections: ETH Gains Wall Street Cred as Fidelity Calls It a Store of Value appeared first on 99Bitcoins.
