Ethereum Classic’s market has not subjected itself to any sort of bullishness for quite some time now. Even though the ‘rise in price’ narrative is gaining steam in the broader market, the alt has been continuing its downward trajectory on the price charts.
In the last 24 hours alone, for instance, the crypto shed more than a percent of its value. It was seen exchanging hands around the $52-mark, at the time of writing.
Multiple downfalls
Well, ETC’s downward trajectory is definitely not something new. The quick pace of development activity, however, is the astonishing and not-so-expected twist to ETC’s otherwise monotonous tale.
It can be observed from the snapshot attached below that this metric rapidly rose in October and hit a yearly high. Nonetheless, it fell back as quickly as it rose in the same month and was seen quite close to its local bottom, at the time of writing.
What’s more, amidst Grayscale’s ETF hype[2], the ETC Trust has been commanding the biggest discount to its net assets among all of the firm’s investments. At press time, it was seen that ETC’s shares were trading at less than half the price of ETC’s spot value. As per data from Grayscale, the Ethereum Classic Trust closed at an underwhelming $19.3 on Friday.
At this point, if you divide the $652 million ETC that the trust owns by the nearly 14 million shares outstanding, you’ll get a value of $46.64 per share. In other words, investors are getting exposure to ETC for around $0.4 on the dollar.
So, is this the right time to fill bags?
Simply put, no.
One, buying into the trust doesn’t mean that investors would be able to cash out at the going rate of
