Wallets tied to Fidelity moved 260,000 Ethereum (ETH) tokens worth $499.55 million into three addresses this week, adding to a stretch of heavy institutional activity.
Key Points:
- Fidelity-linked wallets sent 260,000 ETH into three addresses the firm had funded roughly six months earlier, split into tranches of 95,000, 87,000 and 78,000 tokens.
- None of the receiving addresses forwarded coins to a trading venue, a pattern that points to custody rebalancing rather than selling.
- A wallet linked to Bitmine bought 10,460 ETH worth $19.48 million through FalconX during the same window.
Fidelity ETH Transfer Lands In Three Idle Wallets
On-chain tracker Onchain Lens flagged the movement, and Arkham data showed the coins landing in three addresses that Fidelity itself funded roughly six months ago. The asset manager split the sum into tranches of 95,000 ETH, 87,000 ETH and 78,000 ETH. None of the three receiving wallets has pushed any of the coins onward to a trading venue.
That last detail carries most of the analytical weight here. Transfers into exchange deposit addresses often come before selling, while shifts between wallets under a single owner usually point to custody housekeeping rather than any change in conviction.
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Bitmine And SharpLink Keep Adding Ethereum
Onchain Lens also caught a wallet it links to Bitmine buying 10,460 ETH, worth $19.48 million, through the institutional broker FalconX. The treasury company disclosed 5,787,414 ETH on July 26, valued then at $1,948 per token and equal to roughly 4.8% of the circulating supply. It has staked about 85% of that stack, with projected annual rewards near $299 million.
Chairman Tom Lee wants to own 5% of all Ethereum in circulation, and Bitmine has bought the token every single week since June 2025. He pointed last week to a three-month high in the ETH to Bitcoin (BTC) ratio as evidence that crypto prices were firming, and the firm has now repurchased 11.6 million of its own shares this month.
Rival treasury SharpLink Gaming tells a considerably harder story. The company sat out eight months before restarting purchases in late June, then added 39,196 ETH across three days and lifted its holdings to 876,285 tokens. Its average entry price sits near $3,609, which leaves the whole position more than a billion dollars underwater at current market levels.
Ethereum Price Struggles Under $1,900
ETH slipped below $1,900 late in the week, trading near $1,883 after buyers failed once more to clear the $2,000 mark.
A hawkish Federal Reserve and slower inflows into spot Ethereum funds have kept a lid on the rally, leaving support near $1,873 as the level that matters most.
Ethereum has spent the whole of 2026 trading well off its highs. The token sank from roughly $3,120 in early January to a June trough near $1,450, then clawed back through July to reach a 10-week high close to $1,948. Even after that run, the second largest cryptocurrency changes hands near half its level of a year ago.
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