Now about the Ethereum EFT approval.
If you are holding ETH or following the crypto news, you must have known by now that ETH ETFs had been approved by the SEC yesterday! What an achievement! Just prior to this week, the expectation for its approval was dismal as virtually no one was thinking they would be approved so soon with just one round of fighting with the SEC. Then all the sudden on Monday, two Bloomberg ETF analysts raised their expectation from 25% to 75% for its approval on Thu this week. Immediately ETH spot prices shot up to the moon. Until now, one can only buy the Grayscale ETH trust fund via ETHE, which is very expensive to hold it due to its high expense ratio. But ETHE had been constantly in a huge discount, like 30-40% below its book value. As such, buying ETHE is likely paying 30-40% less to buy the Ether coin. It is really a great deal to me. As such I had suggested to aggressively buy ETHE in my DW Family since a year ago. It has paid off dearly. By now, my best ETHE performance is about a 200% gain. Given the ETH EFTs have been approved, the discount in the ETHE has instantly disappeared as ETHE will be converted to the spot ETF soon. That's why our ETHE has done especially well during this week, something like one stone for two birds: the ETH price increase plus the gains from the discount removal.
No comments:
Post a Comment