$337M into Grayscale's ETH Staking Mini ETF in Q1 and 10 fund uplists since fall should be the kind of story public investors pay for, but the equity market is valuing crypto rails off flow durability, not product count. With IBIT printing a $528M daily outflow and BitGo trading roughly 36% below IPO, DCG can wait for ETF net creations and GBTC fee pressure to stabilize instead of pricing GRAY into a busted comps tape. Blockchain.com pushing ahead while asset managers step back says public markets want either boring fee annuities or real exchange volume, not cyclic beta in a suit.

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