Leading crypto investment firm Fidelity continues to expand its crypto asset portfolio, increasing its holdings of Bitcoin as demand for its ETF products rises.
In addition to the Bitcoin fund, the company also launched Ethereum and Solana ETFs, which saw modest inflows during the same period.
Fidelity purchases $354 million worth of Bitcoin
Recent on-chain data from Arkham Intelligence shows that Fidelity has accumulated $438.9 million worth of Bitcoin, Ethereum, and Solana through its ETF products over the past 20 trading days.
This indicates that buying pressure continues across the three major crypto assets, and also shows sustained demand for nearly all of the company’s crypto ETF products, particularly Bitcoin.
However, data shows stronger demand for Fidelity’s Bitcoin products, with Fidelity’s spot Bitcoin ETF recording the largest inflows.
Therefore, during the aforementioned period, FBTC held a cumulative value of $354.1 million in BTC. Meanwhile, its purchases of ETH and SOL were significantly lower.
More specifically, Fidelity purchased $66.6 million worth of Ethereum and an additional $18.2 million worth of Solana during the same period.
Bitcoin's momentum is weakening
Despite Fidelity's significant purchase of Bitcoin indicating strong institutional demand for the leading cryptocurrency over the past week, the price of Bitcoin has suddenly dropped sharply.
Bitcoin has retreated from a high of approximately $87,000 to a multi-week low near $81,000, appearing to face increased selling pressure from traders, particularly retail traders.
As the momentum of this leading asset weakens, it remains uncertain whether Fidelity and other major Bitcoin funds can continue to sustain their Bitcoin buying pressure over a longer period.