10X Research: Discount of grey release Ethereum trust reduced to 8% means at least 90% chance of approval of spot Ethereum ETF

On May 23rd, 10x Research posted on social media that a few hours before the approval of the Bitcoin Spot ETF, Gary Gensler, Chairperson of the Securities Exchange Commission (SEC), tweeted that cryptocurrency investors should consider all latent risks before making any investment. There may be a tweet this morning at approximately 9:00 EST, providing more clear information on whether approval is imminent. Just as the SEC has previously issued warning signs before the listing of ETFs related to cryptocurrency futures, January 2024 also clearly indicates that the Bitcoin ETF will be approved.
Today, the market will await a similar warning. However, approval appears to be only a matter of form, as the grey release Ethereum trust's discount has narrowed from -30% a week ago to just -8%. An 8% discount means there is at least a 90% chance that the ETF will be approved. The trust, with assets under management of $11 billion, is sizable and could see an outflow of some investors' cash-out gains. The key question remains when these ETFs will begin trading if approved.