PANews reported on June 23 that Andrew Kang, co-founder of Mechanism Capital, published an article on X analyzing the impact of Ethereum spot ETF on the market. Andrew Kang believes that BTC ETF has opened the door for many new buyers to allocate Bitcoin in their portfolios. The impact of ETH ETF is less obvious. Unless Ethereum develops a convincing way to improve its economic conditions, there will not be much room for ETH prices to rise. The capital flow of Ethereum spot ETF is expected to be lower than the general market expectations, because the approval of the ETF was unexpected and the issuer did not have much time to convince large holders to convert their ETH into ETFs.

Before the ETF is launched, ETH is expected to trade between $3,000 and $3,800; after the ETF is launched, the expectation is $2,400 to $3,000. However, if BTC reaches $100,000 by the end of Q4 2024/Q1 2025, this could lead ETH to a new all-time high, but ETH/BTC will fall further and be between 0.035 and 0.06 in the next year.