One of the world’s largest crypto asset managers, Grayscale, and NYSE (New York Stock Exchange) Arca raised a request to the United States SEC (Security Exchange Commission) to approve the spot Ethereum ETF request. On October 2nd, the NYSE Arca filed form 19b-4 to convert Convert Grayscale Ethereum Trust (ETHE) to an ETF. Despite the ongoing hype and fluctuations in the Ethereum price, developers focus on the upcoming Dencun upgrade. Grayscale CEO Michael Sonnenshein says
As we file to convert ETHE to an ETF, the natural next step in the product’s evolution, we recognize this as an important moment to bring Ethereum even further into the U.S. regulatory perimeter.
The submission of spot ETF requests for ETH underpins the unwavering support of Grayscale Investments in offering transparency and regulated access to crypto to investors. This groundbreaking move could potentially impact the investor community by providing accessibility and promoting acceptance.
However, data from Glassnode, a leading blockchain data intelligence platform, reveals the fading interest of whale on Ethereum. The number of addresses holding ten or more coins is falling and hit a three-month low, reaching 347,343. The Ethereum developers are staying on track with the testing of the upcoming Dencun upgrade. They are focused on implementing advanced protocols and discussing crucial topics on the audit results for EIP 4788.
Devnet-9, a testnet for this update, was supposed to debut; however, there were several delays. This specific testnet is essential because it triggers all nine of the Dencun-related code modifications, guaranteeing a smooth transition when put into practice. Some changes related to the beacon block root in the EVM (Ethereum Virtual Machine) were also proposed.
Moreover, suggestions were provided to fix a specific section of the code that showed variations in behavior according to certain criteria. All the prevailing price fluctuations and the diminishing number of new addresses implies the losing interest of whale.
