Grayscale: Ethereum Price Boost Tied to Dencun Upgrade, Not Spot ETF Hopes
• Grayscale believes Ethereum price surge driven by upcoming Dencun upgrade, not spot ETF hopes • Dencun aims to improve transaction throughput and reduce costs to make Ethereum more competitive • Grayscale report acknowledges Ethereum underperformance in 2023, especially compared to 900% Solana gains • Grayscale trying to convert Ethereum trust to spot ETF, predicts approval by May 2024 • Report also cites factors like deflationary supply, network revenue, and recapturing DeFi market share as bullish for Ethereum