The results are coming soon, and approval does not mean you can just sit back and relax!
If the SEC approves the spot Ethereum ETF application, it will be a huge win for cryptocurrencies. But remember this:
❗️Earlier this year, the approval of the first spot Bitcoin ETFs turned into a sell-off event in the short term. One reason for this was the huge selling pressure from Grayscale's Bitcoin Trust (which has been converted to a spot BTC ETF).
Ethereum is in a similar situation now.
‼ ️Grayscale currently holds over $11 billion worth of ETH in its Ethereum Trust. All of this ETH is currently locked up and cannot be sold.
If Grayscale's spot Ethereum ETF application is approved, the aforementioned $11 billion worth of ETH will be unlocked and can be sold after the ETF goes live. If the initial demand for the spot ETH ETF is lower than Grayscale's ETF outflows, this could bring some selling pressure to ETH.
Of course, if you enter the market at a low price, there is no need to worry too much about long-term holding. Just hold on firmly. Like Sun Ge, he bought the bottom and did not sell it when the price went up, and then it fell back to 2,800. Many people laughed at him, but a few days later, the conversation changed. Brother Sun is worthy of being Sun Ge, he made a lot of money, 650,000 Ethereum, with an average price of just over 3,000. Can you imagine how much he made?
