Bloomberg ETF analyst Eric Balchunas has predicted that the potential launch of an Ethereum spot ETF may not be as impactful as the recent successful launch of multiple Bitcoin spot ETFs in the United States. Balchunas cited anecdotal and public data suggesting that Ethereum ETFs will be "nothing close" to their Bitcoin-based counterparts, which have garnered over $7 billion in net flows since launching on January 11.

Although many believe the SEC will be forced to approve the Ethereum spot ETF, its market demand remains uncertain. Ethereum futures ETFs launched in October last year generated significantly lower flows and volume compared to Bitcoin's first futures ETF in October 2021. Additionally, a Bitwise survey conducted last year revealed that 71% of registered investment advisors favored Bitcoin over Ethereum.