The new market action has elicited a new wave of interest as Fidelity and Grayscale are said to have acquired a total of 78.8 million of $ETH . 

This action is timed when institutional faith in $ETH is ever-growing in spite of the persistent volatility in the market. This massive growth by large asset managers isn’t an indication of a surface-level belief in the long-term worth of Ethereum. 

Such companies do not take any decision without any calculations and research, and this fact is what makes their new investment steps credible. To traders, this might reflect the institutional demand as it increases before regulatory changes or general adoption patterns. 

Big inflows such as this tend to influence the sentiment of the market and liquidity. Comprehensively, this acquisition supports the story that Ethereum is still an institutional holding. Since the market is digesting this update, they will now look at the reactions of $ETH in the foregoing sessions.