eth gas is ridiculous right now. it's at summer of yield gwei amounts but eth is worth 3x as much.

hopefully all this fomo just flows into ETH lol

$1000

ETH really close to ATH now that I'm looking at it.

Still can't figure out why today was the day.

No not really. ATH was like $1400

Two days ago it needed to increase 100% to get to ATH, if it's at 1k it needs like 35-40%, pulled back a bit since that last post of mine though.

You're going to know in crypto 30 points one way or another is like 1 day.

Out of the red after three years. Should I take this opportunity to dump my ETH for BTC?

nope

Can somone explain to me why 1 stock went -22% while the other went + 35% ??
Greyscale went -22% for what o0 ?
Thx

ETHE lockup period for accredited investors was cut in half from 12 months to 6 months and there was a huge glut of supply eligible for sale hitting the market today. All shares older than 6 months but younger than 12 months were eligible today.

Crypto Fund’s Price Diverges From Holdings in Latest Mispricing
Grayscale Ethereum Trust Files Form 10 with SEC

Grayscale Ethereum Trust Files with SEC to Halve the ETHE Locking Period Same as GBTC

Thx

ETHE set an all-time low premium today (<15%). Fantastic buying opportunity in IRA's.

https://grayscale.co/ethereum-trust/#market-performance

1,000% premium on where it was 9 months ago = fantastic buying opportunity

You never know... it could be 50K for 2025 or 10 bucks... same for bitcoin

Love that the whole peanut gallery is here now!!

All the good legit trades in crypto correlate with the stock market.

Whether it be CME bitcoin futures expiration or ETHE lockup expiration. Should have seen that trade coming from a mile away.

Also ETH spot outperformed hardcore because all the players selling their shares at a premium still wanted to be exposed to ETH so they had to instantly buy spot ETH.

The players selling their shares were short covering in the spot market - the arbitrage was to have no net exposure to eth. (Greyscale offers to lend eth to private placements)

Also possible.
What vehicle do you think they used to short ETH for 6 months, or was it a 12 months lockup?

Greyscale lend eth that the investor then sells

My colleague spoke directly to Greyscale about a private placement and they volunteered lending in eth or btc to facilitate the arbitage

Today: $37.6k

This is not an endorsement, sold the last of my YFI in September.

Think you're confusing what "premium" means here. Premium = premium to NAV = (ETHE shares * ETHE price) / (Grayscale ETH * ETH price).

Not current price / past price.

A huge amount of ETHE unlocked this month which nukes the premium as those capturing it are able to sell on market. They also did a share split :eyeroll:

With that said, Grayscale products have been a large transfer from dumb retail to professionals/funds because of silly SEC rules that should be changed. You're best off either subscribing in-kind (at NAV) if you're accredited/have a PB to custody the shares, or just avoiding them and choosing to buy in the spot markets of actual coins instead (ie, coinbase/gemini/kraken/whatever exchange you have access to).

Kaz and aggo still arguing, I see nothing has changed around here. Though I am elated to see aggo say "Defi is cool". We're all on the same team. I'd much rather see quality discussion of a flourishing ecosystem of "dapps" than this. A year and a half ago aggo was needling "how are all those dapps doing" and now we are at the point in the cycle where "dapps are too expensive" because there is too much demand for limited blockspace.

Note to everyone: Do not buy coins because someone on an internet forum talked positively about them. Good project does not necessarily = good coin to buy now.

Let's attempt to be serious. Spot going from 120 to 1200 = %1,000 premium

I am literally telling you what it means in finance/trader-speak, as it was used here. This isn't a definition I made up or my interpretation. You can see it charted over time here: https://ycharts.com/companies/ETHE/d...premium_to_nav What you are calling "premium" is actually just the observed delta over a fixed period of time. When AMZN goes from 1500 to 3000, we don't say it's trading at a 100% premium; we say the price has doubled due to a buy imbalance from the point it was 1500.

The product is for people who want to be long ETHUSD*. Many are investing out of retirement accounts that have access to ETHE shares, but not to ETHUSD spot markets. Others don't want to deal with custody; but quite a lot are just plain clueless and think they are buying discounted ETH (instead of the opposite [hence the word "premium"], which is reality).

If you do not want to be long ETHUSD because it went from 120 to 1200, you are more than welcome to not buy ETHUSD spot and not buy ETHE shares. Plenty of ways to short as well even if you're US-based (CME futs on Feb 8, borrowing on compound) if that's the position you'd like to take.

Calling it a "buying opportunity" is simply noting that the premium is at historical all-time low. That doesn't actually make it a good buy, but it's almost certainly a better buy than buying it at 200% premium with a massive share unlock coming.

*sort of, see previous post about transfer from retail to funds

We are talking past each other, my post to you was worded too harshly, apologies. I understand how the funds work, what words mean.

My comment was a slight play on terms to mock the jonnybzz/hodler frame of what defines a 'buying opportunity'

Nice to see you appear to have moved from poker into the finance world

Thanks-- if anyone is interested in learning, hasu (@hasufl) and I are going to be putting out a little DeFi 101 seminar (date tbd).



Note, there will be no investment advice/hot coin tips. It will be focused on some popular/useful protocols (Compound and Uniswap first) and show you how to use them, as well as some discussion about DeFi as a whole. It can be scary for beginners to interact with smart contracts for the first time. Also note that we do not have any plans to make any money by doing this and are doing it simply to share what's possible on Ethereum today. We will maybe cover other protocols in the future if people find it useful and we can find the time.

It's been extremely cool to see DeFi take off from synthetix and eventually COMP launch which really accelerated things-- I was trying to build a DeFi company (Settle.finance which was the predecessor to defipulse/defipulsedata) back in 2017-18 when absolutely no one cared and so it's especially nice to see it taking off as well as a lot of skeptics changing their minds. With that said, there's a lot wrong with DeFi and it has a long way to go, but there are many that said no one would ever use this stuff -- and now many are happily paying more in ethereum gas fees than they pay for rent!