Ethereum spot ETF is officially approved, will it fall first and then rise?
Official news: Spot Eth ETF has been approved by the US Securities and Exchange Commission (SEC). 424 (b) forms are being released one after another, the last step. Everything is ready to be listed and traded at 21:30 on July 23, Beijing time. The game begins
Approved Ethereum spot ETFs include 21Shares, Bitwise, BlackRock, Fidelity, Franklin Templeton, VanEck, Invesco Galaxy, Grayscale Ethereum Trust and Grayscale Ethereum Mini Trust
Besides being happy, you may also think: Will Ethereum ETF face Grayscale selling pressure like Bitcoin ETF after it is opened for trading? —— The guide’s opinion is that it will definitely!
Let's review Grayscale's GBTC selling data and the differences with ETHE:
Selling data: Like GBTC, Grayscale Trust Fund ETHE only bought and did not sell Bitcoin spot after its establishment in 2019. After the ETF was approved, Grayscale outflowed more than 20 billion funds in 6 months, of which about 6.5 billion US dollars flowed out in the first month and about 1.169 billion US dollars flowed out in the first three trading days. During this period, the BTC price fell by 15%
Differences: This time, perhaps in order to reduce capital outflow or increase competitiveness, Grayscale launched Ethereum Mini Trust (i.e., mini version ETF). The original 10% of ETHE's assets will be automatically separated into the mini version (on-chain data monitoring Grayscale has transferred ETH worth 1.01 billion US dollars into Mini Trust)
ETHE holdings: Grayscale currently holds a total of 2.959 million ETH, with a total value of more than 103 100 million US dollars
