So i am just delving into Crypto, what is going is I notice CoinBase (CB & CB Pro) both show
ETH Classic (ETC) the price ATH today 149.75 & current price as of 12:35 PM CST 128.60
Where as Yahoo, and CoinDesk all show its 89$ now
https://finance.yahoo.com/quote/ETC-USD/
And I know there are only two coins ETH & ETC (Etherium) & ETC Classic.
Please tell me how does this make sense??
Huge discrepancy in ETH Classic Price?? what is going on
Re: Huge discrepancy in ETH Classic Price?? what is going on
No one buys ETC so maybe it's a super inefficient market as compared between different exchanges. I guess there's an arbitrage opportunity in there for someone who cares to do it...
Re: Huge discrepancy in ETH Classic Price?? what is going on
Yes, I am also wondering this as someone who bought some ETCG yesterday.elderwise wrote: ↑Wed May 05, 2021 12:37 pm So i am just delving into Crypto, what is going is I notice CoinBase (CB & CB Pro) both show
ETH Classic (ETC) the price ATH today 149.75 & current price as of 12:35 PM CST 128.60
Where as Yahoo, and CoinDesk all show its 89$ now
https://finance.yahoo.com/quote/ETC-USD/
And I know there are only two coins ETH & ETC (Etherium) & ETC Classic.
Please tell me how does this make sense??
Re: Huge discrepancy in ETH Classic Price?? what is going on
Really brutal discount to NAV for ETCG relative to ETC right now.
https://flagticker.com/ETCG.php
Not really sure why.
https://flagticker.com/ETCG.php
Not really sure why.
Re: Huge discrepancy in ETH Classic Price?? what is going on
is ETCG supposed to be tracking ETC price?langlands wrote: ↑Fri May 07, 2021 1:57 pm Really brutal discount to NAV for ETCG relative to ETC right now.
https://flagticker.com/ETCG.php
Not really sure why.
BTW today both coinbase & yahoo and others are showing the same price (~112 ish) of ETC...i really dont get it such a huge arbitrage not just a 10-20$ diff a lot more! like that day I posted one was showing $150 the other one showed max 90$? wth..
Re: Huge discrepancy in ETH Classic Price?? what is going on
Yes, the main exchanges at least seem to agree on the ETC price now. Robinhood right now is showing $135 while coinbase pro is showing $120 though. The market for crypto can be really inefficient. Like ridiculously inefficient. Sam Bankman-Fried, the founder of both the FTX exchange and a crypto hedge fund, has gone on podcasts talking about the discrepancy in even bitcoin's price on the Korean, Japan, and US exchanges back in 2017-2018 and how hard it is to actually arbitrage it.elderwise wrote: ↑Fri May 07, 2021 2:40 pmis ETCG supposed to be tracking ETC price?langlands wrote: ↑Fri May 07, 2021 1:57 pm Really brutal discount to NAV for ETCG relative to ETC right now.
https://flagticker.com/ETCG.php
Not really sure why.
BTW today both coinbase & yahoo and others are showing the same price (~112 ish) of ETC...i really dont get it such a huge arbitrage not just a 10-20$ diff a lot more! like that day I posted one was showing $150 the other one showed max 90$? wth..
ETCG is the Grayscale Ethereum Classic trust. It's a closed end fund that owns a bunch of ETC, so theoretically it should be roughly worth the amount of ETC that it owns. If you look at the various threads about GBTC, you'll see it's common for these trusts to trade at a premium or discount to the NAV. As an owner of ETCG however, it's just annoying to see a discount of nearly 50%, which seems pretty extreme. Normally, that would indicate something fraudulent might be happening with the trust (i.e. it doesn't actually contain the ETC it claims it does) but the discounts for the main funds seem pretty stable. Also, it's registered with the SEC.
Re: Huge discrepancy in ETH Classic Price?? what is going on
When I was looking into predictable options for Canadians, I looked at the close-ended funds (CEFs) and the ETFs that were available or just about to hit at the time. There was a period where the BTC CEFs were trading at a significant discount but nothing like 50%... that's just crazy.
People who don't know the difference will just see ETC as a legitimate alternative to ETH that is simply cheaper... a better deal!!! I get more of it for my money! <--- very common behavior in purchases
My hunch is that any massive discount on the CEF for ETC is due to:
- ETC being exchanged on things like Robinhood, by people who don't know better or just want to ride the wave. Bigger holders would speculate by directly acquiring on dedicated exchanges.
- Not much interest from the crowd that would go for wrappers like ETFs, CEFs, on traditional brokerages. This includes me, who wanted to get more established coins in a non-taxable account, for long-term holding.
- much like for the BTC and ETH CEFs, with impending (often already announced) ETF options, lack of popularity.
Reasons like this would conspire to depress demand for and thus the price of ETC CEFs... but like you, I find it hard to believe someone didn't wise up and just take advantage of that. It's a crazy discount. [EDIT: only explanation I can come up for this is that there is no strong belief that value will go up for the CEF, which is a bad sign when the discount ranges in the 50% lol]
People who don't know the difference will just see ETC as a legitimate alternative to ETH that is simply cheaper... a better deal!!! I get more of it for my money! <--- very common behavior in purchases
My hunch is that any massive discount on the CEF for ETC is due to:
- ETC being exchanged on things like Robinhood, by people who don't know better or just want to ride the wave. Bigger holders would speculate by directly acquiring on dedicated exchanges.
- Not much interest from the crowd that would go for wrappers like ETFs, CEFs, on traditional brokerages. This includes me, who wanted to get more established coins in a non-taxable account, for long-term holding.
- much like for the BTC and ETH CEFs, with impending (often already announced) ETF options, lack of popularity.
Reasons like this would conspire to depress demand for and thus the price of ETC CEFs... but like you, I find it hard to believe someone didn't wise up and just take advantage of that. It's a crazy discount. [EDIT: only explanation I can come up for this is that there is no strong belief that value will go up for the CEF, which is a bad sign when the discount ranges in the 50% lol]
Re: Huge discrepancy in ETH Classic Price?? what is going on
For clarity for those reading, ETH (Ether / Ethereum) and ETC ( Ethereum Classic) are completely different things at this point. Do not buy ETC (Ethereum Classic) thinking that it has anything to do with ETH / Ethereum. I personally would stay away from ETC completely, but that is just my opinion. At the minimum, make sure you understand what you are buying with ETC. There is no development on ETC. All the decentralized finance, NFTs, etc are running on Ethereum (ETH).