Regarding the upcoming listing of ETH spot ETF and the market's concerns about Grayscale's possible dumping, here are some different perspectives:

1. Grayscale is not dumping the market, but users, and Grayscale holds almost no $ETH .

2. In the past, investors turned from GBTC to other ETFs mainly due to GBTC's high fees. Despite this, GBTC still holds a considerable amount of BTC.

3. Although Grayscale's $ETHE has higher fees, there is a Mini ETF that accounts for 10% of the total, which may help alleviate the selling pressure. However, the market reaction is still uncertain.

4. The market's reaction to the news may bring a certain degree of volatility, but a large-scale pullback similar to BTC is not expected.

5. Many people believe that the ETH price has reflected all expectations and may turn bearish after the good news is implemented. However, this view ignores the real forces driving the market - capital inflows and purchasing power. As shown in BTC's historical performance, pullbacks are often followed by new highs.