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Fidelity Opens the Door to Full Staking on FETH and FSOL — and Spells Out the Withdrawal Risks
Fidelity's crypto exchange-traded products, the Fidelity Ethereum Fund (FETH) and Fidelity Solana Fund (FSOL), are now permitted to stake up to 100% of their holdings. The prospectuses detail withdrawal risks and fallback scenarios if unstaking becomes impracticable, with FSOL currently operating at 99.64% staked and FETH expected to begin staking soon.
Clarity Act stumbles, Strategy trims again, and the fight nobody saw behind Mastercard’s $1.8 billion BVNK buy
The cryptocurrency industry is undergoing a significant stress test, with events like a major Bitcoin outflow due to a Coldcard wallet attack, the failure of the Digital Asset Market Clarity Act to pass the Senate, and multiple corporate treasury sales of Bitcoin. Despite these challenges, institutional interest remains, with Fidelity proposing staking rewards for its Ether ETF and Goldman Sachs acquiring NEOS. Meanwhile, Bybit has sued North Korea over a $1.5 billion hack, and over 100 crypto projects have shut down this year, indicating a market shakeout.
TD Cowen gives the Clarity Act just a 1-in-4 shot this September
TD Securities estimates the Clarity Act, a crypto market structure bill, has only a 25% chance of becoming law in September, citing potential procedural hurdles and Democratic opposition. The bill's path forward is described as difficult, with a 75% probability of failure. Key points of contention include amendments related to ethics and anti-money-laundering provisions.
Bitcoin Refuses to Budge Below $65,000 as Middle East Conflict Widens
Bitcoin remained stable around $64,700 despite deteriorating macro conditions and escalating Middle East conflict. While oil prices climbed due to attacks on Saudi Arabia, bitcoin showed little movement, unlike gold which saw a 1.5% increase. The article suggests focusing on Treasury yields and oil prices as key indicators for future bitcoin movement, rather than the bitcoin chart itself.
Bitcoin ETFs Flip to $170.1M of Inflows on Aug. 3 — But BlackRock’s IBIT Supplied 65.5% of It
U.S. spot Bitcoin ETFs experienced a net inflow of $170.1 million on August 3rd, a significant shift from the previous session's outflow. However, BlackRock's iShares Bitcoin Trust (IBIT) accounted for approximately 65.5% of these inflows, highlighting a concentration of investment in a single fund. While seven out of twelve funds saw positive flows, the overall recovery is tempered by the dominance of IBIT, with other funds contributing smaller amounts.
Bitcoin ETFs flip from a $265 million drain to seven green funds — but IBIT still carries the load
U.S. spot Bitcoin ETFs experienced a significant shift, moving from a net outflow of $265.4 million on July 31 to a net inflow of $170.1 million by August 3. BlackRock's IBIT fund accounted for the majority of these inflows, highlighting a continued concentration of investment in a few key funds despite a broader increase in positive fund performance.