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Grayscale's transfer of $1 billion worth of ETH sets the stage for the upcoming Ethereum ETF trading debut, generating market excitement.
Grayscale's Strategic Move
The long-awaited spot Ethereum ETF will finally be able to trade on Tuesday, July 23, after the U.S. Securities and Exchange Commission (SEC) gave its final approval. On the other hand, Grayscale is preparing to launch ETHE and its mini-trust ETH by transferring a whopping $1 billion worth of ETH, Coingape reports.
An anonymous wallet sent 292,262 ETH to Coinbase Institutional, with a combined worth of over $1 billion, according to the most recent update by Whale Alert.
Grayscale has begun transferring assets from its Ethereum Trust (ETHE) to its Grayscale Ethereum mini-ETF (ETH), according to Bloomberg ETF strategist Eric Balchunas. The mini-Trust might potentially start with this amount.
Competitive Management Fee
According to reports, in order to compete with other market issuers, Grayscale's Ethereum mini Trust will have a cheaper management charge of only 15 basis points. Also, until net inflows reach $2 billion, they will not charge any fees at all.
James Seyffart, another Bloomberg ETF expert, made an interesting observation: all other issuers of spot Ethereum ETFs submitted their documentation on Monday, except Grayscale. With the comment, "I’m still expecting them before trading tomorrow," Seyffart suggested that the delay might not be worth much.
Seyffart cleared up some questions about the Grayscale mini-Trust spin-off and its market viability last week.
The holdup is nothing new, though; Grayscale has done it before. When GBTC was launched in January of this year, they too did this.
Analysts' Market Predictions
With a market size of $418 billion, the price of Ethereum has fallen 1.5% to $3,478 just before the spot Ethereum ETFs go live for trading. A sell-the-news event, according to analysts, is likely to be the ETF approval.
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