The discount for Grayscale Ethereum Trust has dropped to the lowest level since November 2023. At the same time, experts are increasingly skeptical about the approval of Ethereum ETF spot in May. If the spot Ethereum ETF is approved, Grayscale's trust fund will be converted into an Ethereum ETF. This will allow holders to redeem the underlying Ethereum and effectively eliminate the discount. However, the decline in discount suggests that traders do not expect approval to come soon, so conversion is unlikely to happen quickly.