TechFlow news, Anthony Sassano (sassal.eth), co-founder of EthHub, said the one-day surge of ETH from $3,000 to $4,000 equaled months of "pre-ETF approval" price action. Since the approval of ETH ETFs on May 23, this gain has been erased, similar to BTC's 20% drop after its ETF approval on January 10. It remains to be seen whether ETH will reach new highs in the coming weeks.
Sassano believes the main current pressure on ETH could come from potential outflows of Grayscale's ETHE; however, ETHE has long traded at a discount below 2% and is now at a premium, suggesting that few investors may be waiting to sell after conversion to an ETF. Additionally, the fee structure for ETHE post-conversion to an ETF remains unclear and could be lower than expected or temporarily waived.
Overall, he sees no fundamental reasons for bearishness: stock markets are hitting record highs, rate cut expectations are strong, regulatory developments are favorable, and ETH ETFs have started trading this month—all sending positive signals to the market. He emphasizes that the investor’s primary goal should still be survival.
