The Grayscale Ethereum Trust (ETHE) now trades at a record 59.39% discount relative to the price of Ethereum (ETH), per data from YCharts.

Though at one point the fund actually traded at a significant premium relative to ETH, it has continuously been at a discount compared to market prices since November 2021.

ETHE allows traditional investors to gain exposure to Ethereum without investing in the cryptocurrency themselves and is managed by Grayscale Capital, one of the crypto world’s largest institutional investors.

The fund, which has roughly $3.6 billion in assets under management (AUM), has lost roughly 68.37% of its value this year to date, as ETH and other crypto assets have declined more broadly.

(By Will McCurdy)