ETH puzzle and future outlook: stick to spot and wait for the bull market
ETH's recent trend is closely linked to the Ethereum spot ETF. Since the ETF was listed 32 days ago, Grayscale has sold a total of 843,600 ETH, with an average daily selling volume of 26,400 ETH and a total net outflow of 175,700 ETH. Market confidence has been frustrated, and investors are skeptical about the ETH bull market.
Compared with BTC, ETH's performance is obviously lagging behind. The price of BTC has tripled, while ETH has only doubled. The ETF market reacted very differently. BTC ETF quickly resumed net inflows, while ETH ETF continued to have net outflows, highlighting the market's divergence in future expectations of the two.
As digital gold, BTC is suitable for issuing spot ETFs. ETH is attracted by the staking income after the Cancun upgrade. Normal investors prefer to hold ETH directly to obtain on-chain security and income rather than buy ETFs. Therefore, the passage of ETH ETF will put pressure on prices in the short term.
Grayscale ETHE still holds a large amount of ETH (1.785 million), and it is expected that the sell-off will continue. Investors are advised to hold the spot firmly. Ethereum, as the core of the currency circle ecology, has great potential in the later stage of the bull market. At the same time, the core position of BTC is emphasized, and the holding should be mainly BTC, and all operations are aimed at increasing the value of BTC.
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Under the current strategy, my holding ratio is BTC:ETH:BNB:BGB=4:3:2:1, emphasizing the core value of BTC, and letting time witness the growth of wealth.