Ethereum spot ETF will be launched on the 23rd. Will Grayscale dump the market?
ETH spot ETF will be launched next week. Many friends are worried that Grayscale will dump the market again. Here are some of my personal opinions.
1. It is not Grayscale that dumped the market, but the users. Grayscale almost does not hold #ETH.
2. The so-called dumping of the market is mostly because the handling fee of $GBTC was too high at that time. Many investors switched positions from GBTC to other ETFs. PS: Even so, GBTC currently holds more than 280,000 #BTC, slightly lower than the 600,000 BTC inventory at the opening.
3. Although Grayscale's $ETHE handling fee is also high this time, there is a Mini ETF of $ETH, which accounts for 10% of the total. It is hoped that it can reduce the selling, but it is hard to say whether there will be people who can't stand it.
4. Sell The News is also probable and very normal, but if it is said that the same scale as BTC at the beginning will lead to a 26% callback, I personally don't believe it. The quoted tweet is very clear.
5. Many friends are saying that the price of ETH is already priced in, and the expected positive impact is negative. This idea is 100% wrong. Many people said this when BTC was first launched, but it turned out to be a new high after the correction period. The same is true for ETH, because the biggest positive is not the news of the ETF passing, but the real money and silver that came in after this news, which turned into purchasing power, which is the real positive.
