Bearish Unlock

Ethereum's spot ETFs took a step toward trading after listing exchanges received "delegated approval" for their 19b-4 applications, yet the ETH price has slid since, and the article argues that sell pressure from Grayscale Ethereum Trust (ETHE) redemptions is the likely cause. The article says ETH fell 8% when an expected 4 PM EST decision did not arrive, then rose nearly 4% after the approval announcement at 5:02 PM EST. It states that converting ETHE into a spot ETF would enable redemptions of over $10B in assets held at a discount for nearly three years. It also notes the ETH/BTC ratio spiked to 0.057 on approval before falling 3% on the day.