With the approval of 8 Spot Ethereum Spot ETF Form 19B-4 by the SEC, it is only a matter of time before they go public. Ethereum Spot ETF after the success of the "breakthrough", the price of ETH fell after a brief pump. At the same time, the potential selling pressure of grayscale, which has millions of ETH, has also caused market concerns.

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In the previous game of Bitcoin Spot ETF listing expectations, the negative premium of grayscale GBTC has narrowed all the way. Similarly, as market expectations for Ethereum Spot ETF approvals warmed up, investors began to buy large quantities of discounted shares of Grayscale Ethereum Trust (ETHE) ahead of the official conversion of ETF, but unlike GBTC, this optimism started in the last week. Since May 17, the trading volume of Grayscale Ethereum Trust (ETHE) has begun to rise significantly, and on May 21, it achieved a volume of more than $687 million, a record high since May 2021. The month before that, ETHE's volume long was between $20 million and $40 million. At the same time, ETHE's discount to its net asset value (NAV) has narrowed sharply from 20.52% on May 17 to 7.19% today, and the negative premium widened to 26% last month. These data also demonstrate market confidence to a certain extent. However, once Ethereum Spot ETF is officially listed, Grayscale, which holds a large amount of ETH, is also considered or dump risk. Investors' concerns are not shorter.

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At present, Grayscale holds 2.9352 million ETH, worth more than $11.17 billion. Although Grayscale's Bitcoin is much larger than Ethereum, the flight of arbitrage profits and the lack of stake mechanisms for ETFs are also believed to bring about outflows. However, judging from the changes in the funds of the overall Bitcoin ETF, the outflow of this part of GBTC has been completely covered by other ETFs. As of May 22, Bitcoin Spot ETF still had net inflows of more than $13.43 billion, according to Farside Investors. And in terms of price performance, the current price of Bitcoin has pumped by about 45% from when the ETF was launched. That is, although the outflow of GBTC has brought some selling pressure to Bitcoin, it has been digested by other Bitcoin ETFs and has not had longing impact on Bitcoin prices. This also has a certain reference significance for the price impact of ETH after the launch of Grayscale Ethereum ETF.