Ethereum faced renewed downside volatility after failing to hold the $1.9K support level.
The altcoin subsequently fell to $1,848, a level last seen two weeks ago. At press time, ETH traded near $1,865, down 1.9% daily.
Although Ethereum’s upside momentum remained weak, institutional activity suggested that some large investors were still optimistic.
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Why did Fidelity move $499M in ETH?
According to Onchain Lens, Fidelity-linked wallets moved 260,000 ETH, worth $499.55 million, into three wallets. These receiving wallets were funded six months ago.
However, the transfers did not indicate an intention to sell. Instead, the movement suggested internal custody rebalancing.
Such transfers often attract market attention but generally have a neutral effect on prices.
Is Bitmine still buying Ethereum?
While Ethereum remained in a prolonged downtrend, several treasury companies halted accumulation or reduced their holdings.
For example, SharpLink Gaming, the second-largest corporate holder, had not purchased ETH since October 2025.
The company reduced its exposure as unrealized losses exceeded $1.4 billion. By contrast, Bitmine continued accumulating.
According to Onchain Lens, a Bitmine-linked wallet purchased 10,460 ETH, worth $19.48 million, through Falcon. The entity subsequently held 5.5 million ETH, valued at approximately $10.3 billion.
That demand coincided with persistent exchange outflows. Ethereum’s [ETH] Exchange Netflow remained negative for six consecutive days. At press time, Exchange Netflow stood near -3,200 ETH, indicating continued withdrawals from trading platforms.
The last similar outflow period occurred in early July. ETH then climbed from $1.7K to $1.9K. If demand persists, Ethereum could recover from its latest decline.
Can ETH recover in August?
Despite declining exchange supply, Ethereum’s short-term momentum remained weak.
ETH traded below its 20-day Moving Average, while the MACD-SMA indicator reflected continued seller control. The Bulls v Bears indicator also formed a bearish crossover, reinforcing the possibility of further short-term pressure.
If this weakness persists, ETH could fall below $1.8K, placing the next support level near $1,750.
However, ETH remained above its 200-day Moving Average. This suggested that the broader market structure was still bullish.
Sustained demand from Bitmine could help ETH defend its 50-day Moving Average and reclaim its 20-day Moving Average. Under that scenario, Ethereum could retest $1,950 before targeting a move above $2,000.
Final Summary
- Fidelity-linked wallets transferred $499.55 million in ETH, likely reflecting internal custody rebalancing.
- Bitmine accumulated another $19.48 million despite Ethereum’s prolonged price decline.
