cbETH is currently trading at a discount compared to ETH but cbETH is a liquid staking token that is using the cToken model which means that it could potentially become worth more than 1 ETH because the staking yield is added into value of the token. The only reason it becomes cheaper than ETH is if people only withdraw and dont let it accrue value. I dont expect it to be worth alot more than ETH since there will probably always be people willing to take a profit and withdraw once the premium goes up. I might be wrong tho. In any case stETH which is another liquid staking token that rebases tho, it uses the aToken model, so it should never become worth more than 1 ETH however people who hold it will slowly make more stETH. And this token is not trading at that kind of discount. So why wouldnt cbETH at least reach a much smaller discount like stETH?
In order to try and explain the current discount it may be because everyone who staked at coinbase initially had their ETH locked, with cbETH its their first chance to withdraw and many people are having second guesses due to the bear market which probably didnt exist when they first locked up their ETH and are now happy to take the cut and sell the rest because they either are scared, or really need the money now, or both. So once this panic subsides, if ever? then the discount may decrease, but lets see.
In order to try and explain the current discount it may be because everyone who staked at coinbase initially had their ETH locked, with cbETH its their first chance to withdraw and many people are having second guesses due to the bear market which probably didnt exist when they first locked up their ETH and are now happy to take the cut and sell the rest because they either are scared, or really need the money now, or both. So once this panic subsides, if ever? then the discount may decrease, but lets see.