Renowned crypto investment firm Fidelity has continued to expand its crypto portfolio, adding more Bitcoin amid growing demand for its ETF product
Apart from its Bitcoin fund, the firm also issues both Ethereum and Solana ETFs, and it has recorded modest purchases for both over the same period
Latest onchain data from Arkham Intelligence shows that Fidelity has purchased a total of $438.9 million worth of Bitcoin, Ethereum, and Solana through its ETF products over the past 20 trading days
While this signals continued buying activity across the three major crypto assets, it shows that the firm has seen sustained demand for nearly all its crypto ETF offerings, especially Bitcoin
Nonetheless, the data shows that the firm saw more demand for its Bitcoin product, as the Fidelity spot Bitcoin ETF recorded the largest purchases
As such, FBTC has accumulated up to $354.1 million worth of BTC over the stated period. Meanwhile, it acquired only lesser amounts of ETH and SOL
More specifically, Fidelity has bought $66.6 million worth of Ethereum and another $18.2 million worth of Solana over the same period
While the massive Bitcoin purchase from Fidelity signals sustained institutional demand for the leading crypto asset over the past week, Bitcoin has suddenly witnessed a sharp price reversal
Retracing from a high of around $87,000 back to its multi-week low of around $81,000, Bitcoin appears to be facing increased sell-off pressure from traders, especially retail traders
With momentum on the leading asset currently down, it remains uncertain whether Fidelity and other major Bitcoin funds will be able to sustain their Bitcoin buying spree for much longer
