Fidelity's Staking Filing Boosts Ethereum Price Amid Record-Breaking Staking Levels
Ethereum's price has gained 0.42% on August 13 to trade at $1,895 amid Fidelity's filing with the Securities and Exchange Commission (SEC) to add staking to its Fidelity Ethereum Fund (FETH).
The filing notes that up to 100% of this fund can be staked, which has $903 million in net assets. If approved, Fidelity will retain 85% of the rewards from staking, while custodians, sponsors, and node operators will get the remaining 15%.
Data from SoSoValue shows that ETH ETFs had inflows on August 12, while all other altcoin ETFs had zero flows. Bitcoin ETFs saw $61 million in outflows during this period.
Ethereum staking has reached an all-time high, with 34% of the total supply being staked. This has led to calls for an EIP-8362 upgrade that would eliminate any staking rewards if the amount of ETH staked reaches 50% of the supply.