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BTC 
ETH Wallets associated with Fidelity-related transfers 260,000 ETH
This week, Wallets associated with Fidelity-related transfers 260,000 Ethereum (ETH) tokens (worth approximately US$499.55 million) to three addresses, further continuing the recent trend of intensive institutional activity.
Key Points
Fidelity Related Wallet sent 260,000 ETH coins to three addresses where it invested approximately six months ago, transferred in three batches, namely 95,000, 87,000 and 78,000 coins respectively.
None of the three receiving addresses transferred tokens to the trading platform, a pattern that suggests a custody rebalancing rather than a sell-off.
During the same period, wallets associated with Bitmine purchased 10,460 ETH units through FalconX, worth approximately US$19.48 million.
Fidelity ETH transfers to three idle wallets
On-chain tracker Onchain Lens marked the transfer, and Arkham data showed the tokens arrived at three addresses funded by Fidelity itself about six months ago. The asset management company divided the funds into three tranches: 95,000 ETH, 87,000 ETH and 78,000 ETH. None of the three receiving wallets transferred any tokens further to the trading platform.
This detail has the most important analytical value. The transfer of tokens to an exchange deposit address usually signals an imminent sale, while transfers between wallets owned by the same owner usually point to custody adjustments rather than changes in willingness to hold positions.
Bit Mining and SharpLink continue to increase their holdings in Ethereum
Onchain Lens also discovered a wallet associated with BitMinerals that purchased 10,460 ETH units worth US$19.48 million through prime broker FalconX. The Treasury disclosed on July 26 that it held 5,787,414 ETH units, at a price of approximately US$1,948 each, accounting for approximately 4.8% of the circulating supply. About 85% of them have been pledged, and the annualized income is expected to be close to US$299 million.
Chairman Tom Lee wants to hold 5% of all circulating Ethereum, which Bit Mining has been buying every week since June 2025. He pointed out last week that the ETH/BTC ratio hit a three-month high as evidence of strengthening cryptocurrency prices, with the company buying back 11.6 million shares of its own stock this month.
The situation is much more difficult for rival treasury company SharpLink Gaming. The company resumed buying at the end of June after an eight-month suspension, and increased its holdings of 39,196 ETH units in the following three days, raising its total position to 876,285 units. Its average entry price is approximately US$3,609, and based on current market prices, the floating loss on the entire position exceeds US$1 billion.
Ethereum prices are under pressure below $1,900
Later this week, Ethereum fell below $1,900, trading at around $1,883, as buyers again failed to break the $2,000 mark. The Fed's hawkish stance and slowing inflows of cash Ethereum funds dampened gains, making support around $1,873 a critical level.
Throughout 2026, Ethereum trading prices are well below previous highs. The token fell from about $3,120 in early January to a trough of about $1,450 in June, before recovering to a 10-week high near $1,948 in July. Even so, the current price of the second-largest cryptocurrency is still only about half the level it was a year ago.
