That move is believed to have been one of the reasons why Grayscale’s Bitcoin ETF witnessed significant outflows following the launch of the Spot Bitcoin ETFs. Making A Case For Ethereum’s Inevitable Price Surge Crypto analyst Leon Waidmann has made a bullish case for ETH’s price and explained why Ethereum investors should be more bullish.
He noted that the discount between Grayscale’s Ethereum Trust (ETHE) and ETH’s price has significantly narrowed since the Spot Ethereum ETFs were approved earlier in May. Related Reading: Why Did The German Government Sell Off 50,000 Bitcoin In 2 Weeks Waidmann stated that this has given ETHE investors ample time to exit their positions without significant discounts compared to Grayscale’s Bitcoin Trust (GBTC).
Another reason GBTC is believed to have experienced such outflows was because of investors who were taking profits from having invested in the trust at a discounted price to Bitcoin’s spot price. However, unlike GBTC and other Spot Bitcoin ETFs, ETHE and other Spot Ethereum ETFs didn’t start trading immediately after approval.
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