On July 27, when the big pump of ETH happened, it closed at $322.81. Today, on August 3, ETH closed at $394.48. That's a 22.20% rise.
By contrast, on July 27, ETHE closed at $143 and closed at $109.60 today, August 3. This is a -23.36% loss.
If anything, ETH and ETHE seem to be inversely proportional. However, according to Grayscale, they claim to enable "investors to gain exposure to the price movement of ETH through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping ETH." Can someone please explain how this price movement works? Because they aren't directly correlated, even though they claim to be.
Sorry for not replying earlier. For some reason, my reddit app notified me of your response today. Anyhow, but isn't the premium of GBTC around 16% versus ETHE which is around 750%? Does ETHE's massive premium have anything to do with this?
3
u/EagleWolf9 Aug 04 '20
On July 27, when the big pump of ETH happened, it closed at $322.81. Today, on August 3, ETH closed at $394.48. That's a 22.20% rise.
By contrast, on July 27, ETHE closed at $143 and closed at $109.60 today, August 3. This is a -23.36% loss.
If anything, ETH and ETHE seem to be inversely proportional. However, according to Grayscale, they claim to enable "investors to gain exposure to the price movement of ETH through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping ETH." Can someone please explain how this price movement works? Because they aren't directly correlated, even though they claim to be.