What happened to ETH? Is there any hope?
The recent trend of ETH has a lot to do with the Ethereum spot ETF. Since the Ethereum spot ETF began trading on July 2, 2024, it has experienced 32 trading days. In these 32 trading days, Grayscale's ETHE sold a total of 843,600 ETH, an average of 26,360 ETH per day, and 9 ETFs had a net outflow of 175,700 ETH in 32 days.
Now many brothers are tortured by ETH and have doubted whether there will be a bull market in this wave of Ethereum. The recent trend of Ethereum is indeed lagging. During the bear market in 2022 and 2023, the price has been fluctuating at 1,200. Now the price is still at 2,400. The price of BTC has tripled, and the increase of Ethereum is only doubled, which is far behind Bitcoin. This is completely different from the trend of Bitcoin spot ETF. After the BTC ETF was approved, the callback was only a few days, and the selling pressure of Grayscale could be fully taken up by other ETFs. After a week of the approval of Bitcoin spot ETF, the funds were basically net inflows, but the Ethereum spot ETF was completely the opposite. It has been 32 trading days and there is still a net outflow every day.
The greatest value of BTC is that it is used for savings like gold, so it is very suitable for issuing spot ETFs. After the upgrade of ETH in Cancun, holders can obtain an annualized return of 3% through on-chain node staking. Personally, I think that any normal Ethereum investor will not buy spot ETFs. Buying ETH and putting it on the chain is not only safe, but also profitable. Who would buy Ethereum spot ETF? The groups that buy Ethereum spot ETFs are only companies, institutions, pension insurance..., but few of these groups are really optimistic about ETH. In the short term, the approval of Ethereum ETF is not good for the price of ETH but bad.
Grayscale's ETHE currently holds 1.785 million ETH and will continue to sell for a while. Everyone should hold on and hold the spot well. Ethereum occupies half of the cryptocurrency ecosystem, and the bull market will definitely gain momentum in the later stage. We hold more than ETH. BTC must occupy the largest position at any time. The cryptocurrency industry must invest in Bitcoin. All our operations are to earn more BTC. Due to the recent mediocre performance of ETH, ETH now accounts for 30% of my total position. My current position is BTC: ETH: BNB: BGB = 4:3:2:1.
Hold BTC and let time accompany us to slowly become rich
