Grayscale Advocates for ETH ETF Staking Approval with SEC
Grayscale Investments met with the US SEC's Crypto Task Force on April 21 to advocate for staking in Ethereum exchange-traded products (ETPs). They proposed amendments to their Form 19b-4 filings for the Grayscale Ethereum Trust ETF and Mini Trust ETF.
Regulatory Modernization
Grayscale’s chief legal officer Craig Salm highlighted the need for updated regulations, stating that current spot ETH ETPs do not fully represent underlying ETH due to staking restrictions. Since launch, US ETH ETPs have lost approximately $61 million in potential staking rewards.
Exchange Inflows and Market Caution
On April 24, over 92,000 ETH, valued at about $165 million, was deposited into Binance. Such large inflows often precede price corrections, suggesting possible profit-taking by major holders. This followed a $500 million Bitcoin transfer to exchanges on April 23.
Scalability Concerns
Cardano founder Charles Hoskinson warned that reliance on Layer-2 scaling solutions could harm ETH's future. In response, Ethereum co-founder Vitalik Buterin discussed advancements toward Layer-Zero scalability, including:
- Up to 832× fewer processing cycles
- 95.7% reduction in proving cycles
- 30× higher throughput with GPU acceleration
- Proof size compression from 346MB to 1.5MB
ETH Price Analysis
The daily RSI for ETH is at 54.89, indicating mild bullish momentum. The price is currently around $1,796, above the 20-day moving average of approximately $1,662. If momentum persists without major sell-offs, ETH may test upper resistance levels near $1,850 and potentially reach $1,900–$1,920.
Ethereum Price Chart | Source: TradingView