Fidelity Drops $28.6M on ETH While RSI Whisper "Maybe Later" 📉

Fidelity's spot Ethereum ETF clients purchased $28.6 million worth of $ETH during the current week, according to wallet flows tracked by Arkham Intelligence, marking the largest weekly accumulation for the FETH fund since late April. The buying activity arrived through repeated transfers routed via Coinbase and market maker Wintermute, the same custody and liquidity channels associated with prior FETH inflows.

Total net inflows into U.S. spot Ethereum ETFs reached $41.52 million as of press time, a rebound following several weeks of redemptions throughout May. Combined net assets across the segment stood at $9.13 billion, with $ETH changing hands near $1,651, down from levels seen before the early June selloff.

The $28.6 million weekly figure represented the strongest institutional bid for Fidelity's product in roughly two months, though it did not fully offset the outflows recorded earlier in the quarter. On-chain data also showed $ETH at approximately $1,657 when ETF holdings were last tallied.

Technical indicators pointed to lingering caution. The relative strength index for $ETH remained in a weak range even after the recent bounce, while the directional movement index showed sellers maintaining more control than buyers. Total net assets held at $9.13 billion despite the price weakness, underscoring the segment's scale relative to prior cycles.

The $41.52 million in weekly net inflows across all spot Ethereum ETFs coincided with $ETH trading around $1,651, a level last seen before the June decline. Whether the institutional accumulation translates into sustained price recovery will depend on follow-through buying in the sessions ahead.