Let's talk about the current status of BTC and ETH spot ETFs in the United States. Holders must read it.
Let's talk about Ethereum first. Real-time data shows:
Grayscale's trust fund (ETHE) currently holds about 1.66 million ETH, worth $4.44 billion
Grayscale's Ethereum spot ETF (ETHmini) currently holds about 390,000 ETH, worth $1.03 billion
BlackRock's Ethereum spot ETF (ETHA) currently holds about 360,000 ETH, worth $1 billion
It can be seen intuitively that Grayscale's trust ETHE has a huge holding volume, and the management fees and other expenses of this trust are ten times that of the spot Ethereum ETF
In other words, Grayscale's $4.44 billion in Ethereum must be sold or changed hands, which is what Grayscale has been doing. As shown in the figure, Grayscale has sold $2.88 billion in Ethereum since the spot ETF was passed
Some people may ask: Are there still many other fund companies that can take over?
The answer is that it doesn't make sense, because the total assets of the Ethereum spot ETF are $7.22 billion, and the three stocks above account for $6.47 billion. The next is Fidelity's holding of $380 million. Therefore, most of the Grayscale ETHE sales can only be taken up by market funds.
Speaking of this, do you want to sell the ETH in your hands? Don't panic. Grayscale is selling more and more slowly now, and there are even 0 outflows in many cases. This is a signal that institutions are bullish on the market. The price of the currency is high, and it doesn't matter whether the customers sell or not. But once the market goes bearish, Grayscale's ETHE will definitely accelerate the decline of Ethereum.
