The price of Ethereum on Grayscale is trading at a significant discount for the first time in months.
The perception that the US won’t approve spot Ethereum exchange-traded funds (ETF) by May has affected the price of Grayscale’s Ethereum Trust.
Data shows that Grayscale Ethereum Trust has fallen to its lowest level since November 2023, with a 20% discount.
If the spot Ethereum ETF is approved, Grayscale’s Ethereum Trust will convert directly into a spot ETF, similar to the Bitcoin Trust, so market developments directly affect this product.
Senior ETF analyst at Bloomberg, James Seyffart, recently stated that the SEC won’t approve Ethereum ETFs in May. Earlier this year, Seyffart gave a 70% chance of approval in May.
