Ethereum is not having a good time either.
With the approval of the Ethereum ETF, the expected explosion in the market did not occur.
In fact, according to expectations, it would directly break through 4,000 after it was approved, but it never went up, and instead started a correction.
The culprit is Grayscale. Just like after the Bitcoin ETF was approved, Grayscale has ETHE, which is about 11 billion US dollars.
And investors who invested in ETHE enjoyed a premium, and the transaction price was lower than the net asset value, which was about a 26% discount.
In other words, their cost was 26% cheaper than the market cost, so after the ETF was approved, investors started the cash-out mode.
There is about 100 million US dollars of selling pressure every day.
The way of boiling a frog in warm water keeps profiting and leaving the market.
However, for us long-term investors, this may be a good opportunity.
Especially for those friends with a steady stream of cash flow, it is a blessing. They can keep absorbing funds at low levels. Absorbing funds in the early stage of the bull market means that they can get greater returns in this round of bull market.