According to Lookonchain (blockchain tracking platform), the transfer to Coinbase took place within the past hour, indicating a sizable Ethereum movement by Fidelity.
Lookonchain reported that Fidelity moved 23,919 ETH, valued at $54.44 million, to Coinbase within the past hour, according to Odaily. The transaction reflects a large on-chain transfer involving Ethereum, the blockchain network’s native asset. Deposits to an exchange can be monitored publicly on-chain, though the transfer alone does not confirm whether the assets were intended for trading, custody, or internal treasury management.