[JPMorgan: Ethereum ETF is less attractive due to lack of pledge, "first-mover advantage" and low liquidity] According to Golden Finance, JPMorgan said in a research report on Wednesday that Ethereum spot exchange-traded funds have generally seen net outflows since their launch last month, while the spot Bitcoin ETF launched earlier this year has been more successful. Ethereum funds had net outflows of about $500 million, while Bitcoin ETFs had net inflows of more than $5 billion. The bank said the weak data for Ethereum ETFs was somewhat expected, noting that Bitcoin's "first-mover advantage," lack of pledges, and lower liquidity meant it was less attractive to institutional investors.