Grayscale, Coinbase and the US SEC are negotiating to convert the Ethereum Trust Fund into an ETH spot ETF. If passed, it means

1. The other 8 asset management institutions can also be directly traded like Bitcoin ETFs.

2. If Grayscale’s management fees are higher than other asset managers, users will choose to change positions, and Grayscale will start selling ETH again.

But from a long-term perspective, just like the Bitcoin ETF, I believe the inflow will be greater than the outflow of Grayscale, which is good for ETH.