ETH Forecasts: Ethereum Earns Wall Street Recognition as Fidelity Designates It a Store of Value
Ethereum is significantly grabbing the interest of Wall Street. A recent analysis by Fidelity Investments identified 
Ethereum ▲6.41% as a valid store of value (SoV) and a fundamental component of contemporary digital infrastructure.
“Ether has the potential to act as a medium of exchange and a store of value,” the report stated. “Blockchains possess built-in currencies… they ought to be evaluated as sovereign economies rather than technology firms.”
Ethereum’s image as Bitcoin’s unpredictable sibling took a blow in 2024. It plummeted against BTC and lagged behind Solana, but now, with a revival of interest in ETH, we could be witnessing the spark that returns it to its all-time highs.
ETH Projections Surpass Bitcoin in Daily Volume and Derivatives Interest
After the report, the crypto market outlook regarding ETH turned bullish almost immediately. The token surged close to 7% to $2,620, breaking out of a multi-week stagnation below $2.4k. According to CoinGlass statistics, Ethereum has now eclipsed Bitcoin in daily trading volume and open interest.
The open interest in Ethereum’s futures market increased by 7%, while Bitcoin’s saw a minor reduction. Derivatives trading reached $59 billion, with Ethereum capturing a rising percentage of this trading market.
Simultaneously, the Put/Call Ratio for Q3 options is currently at 0.44, indicating a strong inclination towards bullish sentiment.
Notably, on July 3, ETH spot ETFs experienced their largest single-day inflow in a month, with $148 million pouring into the crypto market. Total inflows for July have now surpassed $300 million, according to Glassnode.
Ethereum Encounters Skeptics, Yet Q3 Momentum Strengthens
In spite of the sharp breakout, traders are moving into short positions against ETH, possibly anticipating a repeat of Spring, when ETH could not break above $2.8K and faced a rapid 20% decline.
However, this time, conditions appear to be different. Open interest is on the rise, as is market demand in the spot market.
Crucially, ETH has transformed prior price ceiling into price floor, paving the way for potential further gains. The pressing question now is whether Ethereum can successfully bridge the gap and reclaim the $3K mark?
Join The 99Bitcoins Update Discord Here For The Latest Market Updates
Key Takeaways
- Ethereum is significantly grabbing the interest of Wall Street. Recently, Fidelity Investments recognized Ethereum as a valid SoV.
- In spite of the strong rally, traders are entering short positions against ETH, possibly anticipating a repeat of what happened in Spring.
The post ETH Projections: Ethereum Gains Wall Street Cred as Fidelity Calls It a Store of Value appeared first on 99Bitcoins.
