Grayscale Ethereum Trust discount drops to -20% as hope dwindles for spot ETF in May | Headlines | News | CoinMarketCap
03/20/2024 19:44
The Grayscale Ethereum Trust discount has dropped to -20%, its lowest level since November 2023. This comes on the back of falling optimism for a …
The Block11 minutes ago
Ethereum
Foresight
ETF
Block
ETF
Published on March 20, 2024 12:30 GMT+00:00edited on March 20, 2024 12:34 GMT+00:00
The Grayscale Ethereum Trust discount has dropped to -20%, its lowest level since November 2023. This comes on the back of falling optimism for a spot Ethereum ETF approval by May.
If a spot Ethereum ETF were approved, Grayscale’s Trust would be converted into one — as happened with its Bitcoin Trust. This would allow holders to redeem the underlying ether and practically eliminate the discount. However, the declining discount suggests that traders are not anticipating an approval, and therefore a conversion, anytime soon.
The Grayscale Ethereum Trust discount has fallen over the last few days. Image: ycharts.
This matches the general sentiment in the industry, where pundits have largely abandoned hope for an approval by May. While some analysts were optimistic just a few months …