Ethereum (ETH) prices have been languishing below the $2,500 mark despite the strong performance of other cryptocurrencies like Solana (SOL) and Cardano (ADA).
Taking to X on December 22, the CEO of Lumida Wealth, Ram Ahluwalia, has offered a theory on why ETH prices are likely to recover and reverse losses, possibly outperforming the world’s most liquid coin, Bitcoin (BTC).
ETHE Discount Rapidly Closing
To illustrate, the CEO pointed to the ETHE chart, whose discount has been steadily closing over the past few trading months. Ahluwalia observed a 4% gain on December 22, further reducing the discount.
Based on the CEO’s analysis, this development suggests that institutional investors, most of whom chose to buy the regulated ETHE product by Grayscale to gain exposure in a regulated manner to ETH, are now opting to buy ETH on the spot market, not through a derivatives product.
This shift from ETHE to ETH spot, Ahluwalia added, could be explained by the “cheapest-to-deliver”
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