Ethereum

2024

<ul>
 <li aria-level="1"><b>Grayscale Prepares Massive Ethereum Transfer: 292,262 ETH Moved to Coinbase Institutional, Valued Over $1 Billion.</b></li>
 <li aria-level="1"><b>Ethereum’s price faces downward pressure, dropping 1.5% to $3,478, as market anticipates ‘sell-the-news’ effect from ETF approval.</b></li>
</ul>
<p><span style="font-weight: 400;">Grayscale has transferred an enormous sum of Ethereum, valued at approximately $1 billion, to gear up for its upcoming trading debut. This substantial movement of 292,262 ETH was reported by Whale Alert as transitioning from an unidentified wallet to Coinbase Institutional.</span></p>
<h2 id="b-operational-adjustments-at-grayscale-b"><b>Operational Adjustments at Grayscale</b></h2>
<p><span style="font-weight: 400;">Grayscale’s adjustment involves reallocating assets from its Ethereum Trust (ETHE) to its newly established Grayscale Ethereum mini-ETF (ETH). Eric Balchunas, a strategist at Bloomberg ETF, noted this transfer could likely serve as the seed capital for the mini-Trust.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Eth ETF race has already begun w/ a transfer from <a href="https://twitter.com/search?q=%24ETHE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETHE</a> to its mini-me = <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> gonna begin its life w/ $1b and a category-low 15bp fee. That’s a new variable in this race that we didn’t have in btc race. <a href="https://t.co/7v6kh8Kw5Q" rel="noopener noreferrer nofollow">https://t.co/7v6kh8Kw5Q</a></p>
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1815508094564049162?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 22, 2024</a></p>
</blockquote>
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<p><span style="font-weight: 400;">With the upcoming </span><a href="https://www.ethnews.com/thursday-marks-ethereum-etf-trading-start-altcoin-opportunities-ahead/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">Ethereum ETF</span></a><span style="font-weight: 400;">, set to commence trading on July 23, Grayscale also announced a competitive edge by setting a lower management fee of just 15 basis points for its mini Trust, accompanied by a complete fee waiver for inflows until $2 billion is reached.</span></p>
<h2 id="b-delay-in-submission-of-official-documents-b"><b>Delay in Submission of Official Documents</b></h2>
<p><span style="font-weight: 400;">In contrast to other issuers of spot Ethereum ETFs who had submitted their required documents promptly, Grayscale has not yet completed this procedure. </span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">Whether or not that's the <a href="https://twitter.com/search?q=%24ETHE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETHE</a> money or not — Scott's right. They waited till morning of the launch for <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$GBTC</a>'s effective documents. Might have to wait for the same for <a href="https://twitter.com/search?q=%24ETHE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETHE</a> (if you're not following Scott you should) <a href="https://t.co/ly694vRbgm" rel="noopener noreferrer nofollow">https://t.co/ly694vRbgm</a></p>
 <p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1815505981666693529?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 22, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p><span style="font-weight: 400;">James Seyffart, another Bloomberg ETF strategist, expressed anticipation of the </span><a href="https://www.ethnews.com/grayscale-cuts-mini-ethereum-trust-fees-to-0-15-aims-to-prevent-investor-outflows/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">submissions by Grayscale</span></a><span style="font-weight: 400;"> prior to the trading day, despite these delays. This approach mirrors Grayscale’s previous strategy with the GBTC launch earlier in January, suggesting a pattern in their operational tactics.</span></p>
<h3 id="b-market-reaction-and-speculation-b"><b>Market Reaction and Speculation</b></h3>
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<p><span style="font-weight: 400;">As the market anticipates the launch of the </span><a href="https://www.ethnews.com/spotlight-on-ethereum-sec-poised-to-greenlight-etfs-promising-market-shifts-ahead/" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">spot Ethereum ETFs</span></a><span style="font-weight: 400;">, Ethereum’s price exhibits slight selling pressure, currently <strong><span style="color: #ff0000;">down by 1.5%</span></strong> and trading at $3,478. This price action aligns with analysts’ predictions of a potential ‘sell-the-news’ event following the ETF approval. </span></p>
<p><span style="font-weight: 400;">This scenario underscores the market’s cautious sentiment towards immediate gains post-ETF launch, considering the broader implications for Ethereum’s price dynamics and investor behavior.</span></p>
<p>The post <a href="https://www.ethnews.com/grayscale-prepares-for-ethereum-etf-launch-with-massive-transfers/" rel="noopener noreferrer nofollow">Grayscale Prepares for Ethereum ETF Launch with Massive Transfers</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

Grayscale Prepares for Ethereum ETF Launch with Massive Transfers

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