币界网报道：Ethereum (ETH) faces potential downward pressure as analysts warn of a possible $2.5 billion sell-off from Grayscale’s Ethereum Trust (ETHE) following its conversion to a spot ETF. The trust currently holds $9.5 billion in ETH, representing 3% of Ethereum’s circulating supply. Market observers fear significant selling pressure if investors choose to exit positions after the ETF launch, similar to Bitcoin’s experience when Grayscale’s GBTC converted earlier this year. However, some analysts argue the impact may be less severe than anticipated, noting that Ethereum’s staking yield could attract long-term holders. The SEC’s approval of spot Ethereum ETFs last week marked a major milestone, though the products aren’t yet trading as issuers await final approvals. Meanwhile, Ethereum’s price has dropped 5% since the ETF approval, currently trading around $3,700, with some attributing the decline to profit-taking after a 30% rally preceding the decision. CryptoQuant data shows exchange reserves increasing, suggesting some holders may be preparing to sell. The market now watches whether Ethereum will follow Bitcoin’s post-ETF trajectory, which saw initial selling pressure followed by new all-time highs.