Eugen Fink and Husserl are often considered to share a similar conception on dreams. Indeed, they both assert a firm distinction between a dreaming and a dreamt I, by grounding it on the striking observation that one of them is actually sleeping while the other is necessarily wakeful. Moreover, Husserl and Fink both consider that, from the perspective of the sleeping I, dream is an extreme form of presentiation (Vergegenwí¤rtigung). In spite of these similarities, however, the article wishes to address certain aspects in Husserl’s interpretation of phantasy during the early 1920’s that seem to offer grounds for a quite different approach to dreams.