Recently, the situation of Grayscale has been somewhat unclear. Its selling of spot ETFs of BTC and ETH has been increasing. The selling of ETH is particularly prominent. It has increased by more than five times compared with last week, and even increased by more than ten times on some days. This is It's really puzzling. If the entire ETF market is selling, it may be attributed to the panic of users. However, except for $ETHE, it is almost impossible to see selling behavior from other institutions. It is impossible that only Grayscale users are panicking.
Some investors speculate that it may be because of the higher handling fees of ETHE that many investors are more inclined to pledge it on the chain. This possibility does exist, but is not significant. I specifically checked the staking data of ETH2.0. Although new ETH has been entering recently, compared with the previous few days when the selling pressure on ETHE was very low, the amount of staking has not increased significantly, but has declined slightly.
On the contrary, the amount of ETH withdrawn from POS has increased in the past two days. If these ETH are not used for pledging POS, it may be that there has been a large event recently that requires some TVL to be accumulated, or it may simply be prepared for sale.
In addition to changes in Grayscale's own data, the other seven US ETF institutions and three Hong Kong ETF institutions have made no movement, which also shows that current ETF investors lack interest in buying and selling.
