Discussion on whether there will be a sustained and significant sell-off after the approval of the ETH ETF:
Some summarized points:
1. After the ETF approval, there will generally be an additional institutional buying presence, which is bullish.

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The selling pressure from Grayscale's ETF is not as significant as imagined: First,institutions may simply be rotating their holdings, selling on one side and buying on the other. Second, net outflows can already be executed now with only a 5% price difference, so there's no need to wait for approval to make the switch

Third, the so-called $400 cost basis is several years old and shouldn't be heavily factored in as the current cost basis.

It is more about the emotional effect. Instead of focusing on the future of the ETF, it is better to consider factors like the lack of wealth effects within the ETH ecosystem, leading to reduced actual demand for ETH itself, and the declining valuation of the ETH main chain.

The substantial impact of the ETF on the market is not that significant, as the actual trading volume of the ETF accounts for only about 5% of the total trading volume.