Fidelity Digital Assets has become the first enterprise client of EY's blockchain tool Reconcile, which can be accessed through EY's SaaS platform. Fidelity will use a web-based analytics dashboard to query on-chain data for risk management. A statement said that the fourth-generation tool, EY Blockchain Analyzer Reconciler, is designed to help organizations independently obtain and query on-chain data to enhance their internal risk management programs. It is reported that EY currently supports Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, and Dogecoin blockchains. It is also committed to expanding support for other blockchain data based on customer needs, as well as address derivation, block explorer, and staking, among other functions.

Fidelity, a major financial services provider, has released a report on Ethereum (ETH) that highlights key metrics to watch for in the coming months. The report notes that Ethereum has remained above key support levels and is currently in a neutral zone, potentially setting the stage for a bull run or sideways price action.

Several firms, including BlackRock, Fidelity, Invesco Galaxy, VanEck, and WisdomTree, have submitted notices of proposed rule changes for Bitcoin exchange-traded fund (ETF) applications to the Federal Register, which is a step forward in the SEC's process. The SEC can now choose to accept or reject the applications, extend the time allowed, or open the application for public comment.

The SEC has received applications for Bitcoin ETFs from several companies, including Fidelity, VanEck, WisdomTree, Invesco, and BlackRock. This is a step forward in the process of approving ETFs, but it doesn't mean they will be approved. The SEC will now have 240 days to make decisions and the public can provide comments. The SEC has been cautious about approving BTC ETFs due to worries about price manipulation, but collaborations with Coinbase are addressing these concerns and increasing the chance of approval.

Grayscale Investments CEO Michael Sonnenshein expressed his approval of BlackRock and Fidelity's efforts to enter the cryptocurrency space. He described BlackRock's filing to launch a spot bitcoin ETF in June as a "moment of validation" and believes that it adds credibility to the asset class.

A top analyst has calculated that the launch of a Bitcoin Spot ETF would require a massive liquidity injection of between $200 million and $400 million. This would involve spot buying of Bitcoin (BTC) on the market by the eight applicants, including BlackRock and Fidelity, whose filings have been resubmitted to the U.S. SEC.

Despite a positive start to the week with news of Coinbase partnering with asset managers on new bitcoin exchange-traded funds, the company's shares ended Wednesday down almost 2%. This was due to a downgrade from analysts at Piper Sandler, who cited uncertainty around future revenues.

July 4 (Cointime) - Interest in crypto-based exchange-traded funds (ETFs) is growing among traditional finance firms, with BlackRock, Fidelity, and others submitting applications for Bitcoin-based ETFs. HSBC has become the first bank to offer Bitcoin and Ether ETFs to customers in Hong Kong.

July 4 (Cointime) - Several prominent financial institutions, including Blackrock, Wisdomtree, Valkyrie, Fidelity, Ark Investment, and Invesco, had their spot bitcoin ETF applications rejected by the SEC due to inadequate registrations. Following this, Fidelity, Vaneck, Invesco, and Wisdomtree resubmitted their filings with updates and amendments.

July 3 (Cointime) -  Matthew Hougan of Bitwise warns that only a select few of the growing list of contenders vying for approval from the US SEC to launch a spot bitcoin ETF will wind up being successful. "ETFs are generally a 'winner takes most' market," Hougan told The Block. The firm that is first to market typically snags the most assets under management. Thus far, financial market titans Fidelity and BlackRock have filed alongside smaller brands like Valkyrie Investments, WisdomTree, and Invesco.