Fidelity's Ethereum index fund, FETH, has deposited a substantial amount of ETH on Coinbase. According to data from on-chain analytics firm Lookonchain, FETH has transferred 64,997 ETH, valued at approximately $213 million, to Coinbase over the past two days. The transfer was reportedly facilitated by Cumberland, a well-known crypto market maker. This significant deposit suggests that Fidelity is actively managing its ETH holdings. It remains unclear whether this is a strategic move or simply a rebalancing of its portfolio. However, it is a positive sign for the ETH ecosystem, as it indicates continued institutional interest in the cryptocurrency. The transfer has also raised speculation about a potential partnership between Fidelity and Coinbase. However, neither company has officially commented on the matter.

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