Grayscale’s Ether fund, which lit the flame for Bitcoin spot ETFs last year when it sued the SEC and won in court, has also started to rise in anticipation of Ethereum spot ETFs. The fund’s discount rate to its required value (NAV) has fallen back to where it was in December 2021.

Grayscale has funds indexed to the prices of many cryptocurrencies. However, the prices are not 100 percent in line with the price of the relevant cryptocurrency. The price of the fund can fall or rise much more according to the demands created by the movements of cryptocurrencies.

The ETHE fund is also up more than 41% this week. Real Ethereum’s increase was 22%.

Decreased to 6.7%

The price of the ETHE fund also fell much more than the normal price of Ether in the bear market, but has recently started to recover with the recent rises in cryptocurrencies. The discount rate of the ETHE fund to the actual price of Ether has dropped to 6.7%. In other words, the fund and the actual price of Ether are getting closer to each other. This rate was 20% last week. After the news, the difference dropped to 12% on Monday. One day before the VanEck decision, the difference this time fell below 7%.

It was the same with Bitcoin

As it will be remembered, during the bull season in 2021, Grayscale’s Bitcoin fund GBTC became 50% more expensive than the price of Bitcoin. In the bear season, the same fund reached 50% cheaper than Bitcoin’s price this time.

Futures ETF volume hits record high

On the other hand, the daily volume in Ether futures ETFs also broke a record yesterday, along with spot ETF expectations. ETFs accounted for $47.7 million in volume, while the last peak was $34 million on March 5.

Among these ETFs, the Ether Strategy ETF (EETH) from ProShares had the largest volume at $43 million. This ETF also managed to attract 90% of the volume in all futures Ether ETFs.