🚨🚨🚨Mini ETH? Grayscale transferred another $1 billion of ETH to Coinbase? 🤑🤑In fact, Grayscale now has about $10 billion of ETH. According to previous news, this time they will handle it in two parts: 90% will be made into a regular ETH spot ETF as before; the remaining 10% will be put into a new "Mini ETH spot ETF". So, just looking at this $1 billion transfer, it doesn't seem like "Grayscale dumped $1 billion into Coinbase to prepare for a sell-off", but more like a recharge for this "Mini ETH".
Speaking of the "Grayscale dump", it's actually not quite accurate. To be more precise, it was the old investors who withdrew or cashed out, mainly the investors, not Grayscale themselves. This time, old investors will automatically get two ETFs, just like splitting into two parts.
So why did Grayscale do this mini ETF? It's mainly to attract retail investors. This mini ETF has a low price per share, about $3 per share, which is in line with the psychology of retail investors who like low-priced stocks. And the fees are also low, with only 0.15% management fee, which is lower than its peers.
The ETF market is very competitive now. Grayscale's Bitcoin has been flowing out before, mainly because the fees are too high, with a management fee of 1.5%. In comparison, the management fee of other mainstream ETFs is only 0.19-0.25%. Grayscale may have learned a lesson, so they will soon launch a "mini BTC spot ETF", which is also low-priced and low-fee.
The possible situation in the future is probably: Grayscale's ETH spot ETF will still flow out, but this mini ETH spot ETF will continue to flow in. However, considering that the upper limit of the mini ETF is 2 billion US dollars, it may still be more outflow than inflow.
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