Fidelity enters the race for Ethereum ETF

Big financial players, Fidelity and BlackRock, are in a quick race to start investment funds focused on Ethereum. Fidelity just applied for approval, and BlackRock revealed plans for its own fund a day earlier. These moves show that major money managers believe in the future of cryptocurrencies. Fidelity manages a colossal $4.5 trillion, while BlackRock is even bigger with over $8 trillion in assets. Both want to tap into the growing interest in Ethereum, a type of cryptocurrency. The price of Ethereum didn’t jump much after Fidelity’s news. It’s currently hovering around $1,953, down 4% this week. Despite this, Ether has gone up by a solid 28% from its lowest point in October.

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