The crypto community is anticipating the launch of spot ethereum ETFs. However, the brokerage and global asset management firm Alliancebernstein, commonly referred to as Bernstein, predicts that these funds may deliver underwhelming results. Bernstein analysts Gautam Chhugani and Mahika Sapra wrote, “[Ethereum] should not see as much spot [ethereum] conversion due to the lack of an ETH staking feature in the ETF.

This news arrives as market participants anticipate the funds’ launch in July, with fund managers preparing their S-1 filings. The Grayscale Ethereum Trust (ETHE) will transition from an over-the-counter (OTC) traded fund to a publicly traded ETF. Currently, Grayscale’s ETHE holds a 1.41% discount to net asset value (NAV), which could lead to fund outflows.

Despite the recent market downturn, Bernstein analysts assert that the “structural adoption cycle remains intact.” They also emphasized the growing importance of tokenization on the Ethereum network. “[Ethereum] as a primary tokenization platform is building up a strong use-case, both for stablecoin payments, as well as tokenization of traditional assets and funds,” Chhugani and Sapra added.

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