Fidelity’s Ethereum Announcement Confused

News that Fidelity Investments, one of the world’s largest investment institutions, submitted its spot Ethereum (ETH) exchange traded fund (ETF) application to the SEC was on the agenda.

Investors were excited by the news that Fidelity, a trillion-dollar investment company that currently has a spot Bitcoin (BTC) ETF application, submitted its spot Ethereum ETF application to the US Securities and Exchange Commission (SEC). However, it was soon realized that this application was not directly a spot Ethereum ETF application but was related to an Ethereum index fund currently traded on the market.

It was stated that Fidelity revised the currently traded “Wise Origin Ethereum Index” fund in line with the regulations and submitted its new version to the SEC.

This relatively minor news compared to the spot Ethereum ETF news was enough to raise the Ethereum price. According to CoinGecko data, with the announcement of the news, the Ethereum price increased by 2% in a short time, from $ 1,621 to $ 1,652. Ethereum is trading at $1,635 at the time of writing.