Metamorphic olivine formed by the reaction of antigorite + brucite is widespread in serpentinites that crop out in glacier-polished outcrops at the Unterer Theodulglacier, Zermatt. Olivine overgrows a relic magnetite mesh texture formed during ocean floor serpentinization. Serpentinization is associated with rodingitisation of mafic dykes. Metamorphic olivine coexists with magnetite, shows high Mg# of 94–97 and low trace element contents. A notable exception is 4 µg/g Boron (> 10 times primitive mantle), introduced during seafloor alteration and retained in metamorphic olivine. Olivine incorporated 100–140 µg/g H2O in Si-vacancies, providing evidence for low SiO2-activity imposed by brucite during olivine growth. No signs for hydrogen loss or major and minor element diffusional equilibration are observed. The occurrence of olivine in patches within the serpentinite mimics the former heterogeneous distribution of brucite, whereas the network of olivine-bearing veins and shear zones document the pathways of the escaping fluid produced by the olivine forming reaction. Relic Cr-spinels have a high Cr# of 0.5 and the serpentinites display little or no clinopyroxene, indicating that they derive from hydrated harzburgitic mantle that underwent significant melt depletion. The enrichment of Mg and depletion of Si results in the formation of brucite during seafloor alteration, a pre-requisite for later subduction-related olivine formation and fluid liberation. The comparison of calculated bulk rock brucite contents in the Zermatt-Saas with average IODP serpentinites suggests a large variation in fluid release during olivine formation. Between 3.4 and 7.2 wt% H2O is released depending on the magnetite content in fully serpentinized harzburgites (average oceanic serpentinites). Thermodynamic modelling indicates that the fluid release in Zermatt occurred between 480 °C and 550 °C at 2–2.5 GPa with the Mg# of olivine varying from 68 to 95. However, the majority of the fluid released from this reaction was produced within a narrow temperature field of < 30 °C, at higher pressures 2.5 GPa and temperatures 550–600 °C than commonly thought. Fluids derived from the antigorite + brucite reaction might thus trigger eclogite facies equilibration in associated metabasalts, meta-gabbros, meta-rodingites and meta-sediments in the area. This focused fluid release has the potential to trigger intermediate depths earthquakes at 60–80 km in subducted oceanic lithosphere.