We had around 100k eth in summer 2019 with spot around 150, put 25k eth into edgeware lockdrop and 75k eth into grayscale ethe. Total the market put 1.4m eth into the edgeware lockdrop, the consensus trade given polychain backing of polkadot eco. Almost nobody put any eth into ethe bc ppl assumed there’d be no demand for an eth stock wrapper. 1yr later on unlock was around 300% premium on full size, while edgeware was nearly worthless. Point being these closed end fund trades work when nobody is doing them and dont when everyone is doing them.(Zhu Su)