Fidelity's report positions Ethereum as an alternative asset for value storage and wealth preservation, with Wall Street's attention focused on ETH.

Global top asset management company Fidelity ( has clearly positioned Ethereum ) ETH ( as a Store of Value, SoV ) and alternative wealth preservation tool in its latest released Crypto Assets Market Insight Report. This Wall Street institutional endorsement marks a significant increase in the recognition of the Ethereum network and its native asset ETH by traditional finance giants, with the ETH value storage narrative receiving strong support.

Fidelity’s Core View: ETH is the “sovereign currency” of the blockchain ecosystem

Fidelity provides an in-depth analysis of the core functions and positioning of ETH in the report.

• Network Basic Fuel: “Regardless of the type of transaction, Ether ( ETH ) is used to pay for any transaction fees on the Ethereum blockchain.” This establishes the necessity of ETH for Ethereum Gas fee payment.
• Dual Attributes: “Ether ( ETH ) can serve as a medium of exchange and a store of value.” This emphasizes the potential of ETH to transcend its role as a mere functional coin, with its value storage attribute of ETH receiving official recognition.
• Sovereign Economic Entity Analogy: Fidelity further pointed out that blockchains with built-in native currency ( like Ethereum’s ETH) should be compared to sovereign nations with their own economies, rather than traditional Web 2.0 companies. This enhances the imaginative space for Ethereum ecosystem valuation.
• Core Market Liquidity: The report also highlights that ETH is the most actively traded crypto asset on exchanges and is the “preferred collateral for crypto lending”, emphasizing its core liquidity and practicality in the market.

Market Reaction: ETH Confidence Resurfaces, Dispelling the Gloom

Fidelity’s report is widely interpreted by the market as a significant boost and shot in the arm for ETH, effectively alleviating the negative sentiment that had previously surrounded ETH.

• The Dilemma of 2024: Looking back at the beginning of 2024, ETH faced immense pressure due to doubts over its “non-Bitcoin-like value storage”, leading to a nearly 70% drop in its price compared to Bitcoin (BTC), and at one point, its performance lagged behind Solana(SOL), resulting in a significant decline in the ETH/BTC exchange rate.
• Community Excitement: Therefore, Fidelity’s affirmative conclusion is particularly welcomed by ETH supporters and the Ethereum community. Notable Ethereum educator Sassal referred to the report as “extremely bullish” (bullish), and believes that “ETH is an asset worth $100 trillion, currently trading at only $316 billion,” implying that ETH is severely undervalued.
• Price and Sentiment Rebound: After the Fidelity report was released, ETH market sentiment quickly climbed into the “greed” zone, and the ETH price rose by 2.8%, breaking through the $2600 mark.

On-chain data and derivatives market: ETH trading volume surpasses BTC, bullish bets surge

Positive market sentiment shift is quickly reflected in key data indicators ( Data source: CoinGlass):

• Change of Trading Volume Champion: Driven by the Fidelity report, ETH’s spot trading volume and futures open interest (OI) both show strong momentum. As of the time of writing, ETH’s futures open interest rate has surged by 7%, while BTC’s OI has slightly decreased by 0.18%. This clearly indicates a surge in demand for the ETH futures market.
• Derivatives Trading Volume Leads: During the same period, the total derivatives trading volume of ETH surged to $59 billion, surpassing BTC’s derivatives trading volume by about $3 billion. This marks that the activity level of ETH derivatives trading has exceeded that of BTC.
• Potential of Sustained Trends: Analysts point out that if this trend continues, ETH is expected to outperform BTC in the short term (at least in terms of trading activity and derivatives) and provide investors with better potential returns.

Options Market Signal: Strong bullish expectations for Q3, targeting $2800-$3200

The indicators of the encryption options market also release a strong ETH bullish signal:

• Bullish Options Dominance: At the end of the third quarter (Q3), the market clearly leaned bullish, with the Put/Call Ratio ( dropping to 0.44. This indicates that the market is willing to pay a premium far above that of the Call Options - betting on an increase ) for Put Options - betting on a decrease (, with bullish bets holding an absolute advantage.
• Target Price Levels: The majority of bullish option targets are concentrated at the two key resistance levels of $2800 and $3200.
• Downside Protection and Support: The market’s expected maximum pain ) Max Pain - the price level that makes the majority of options expire worthless ( is approximately $2000, which can be seen as a potential psychological support level or a reference point for downside risk.
• Short-term outlook: Overall, ETH may still face resistance at the $3000 resistance level in Q3, but options traders are actively positioning themselves, betting that ETH may achieve a key price breakthrough.

Summary: Institutional recognition, positive data, bullish options, ETH momentum is strong

Fidelity has included ETH in the category of value storage assets with authoritative certification, combined with on-chain trading volume surpassing BTC, leading activity in the derivatives market, and strong bullish expectations in the options market, collectively painting a positive market picture for ETH. Although $3000 remains an important psychological barrier in the short term, multiple favorable factors have significantly boosted ETH market confidence, laying the groundwork for a potential ETH price explosion. Investors are closely watching whether ETH can continue to outperform BTC and the further deepening of its value storage narrative.