Bernstein analysts Gautam Chhugani and Mahika Sapra estimate that the approval of a spot Ethereum ETF will drive Ethereum prices up 75% to $6,600. They pointed out that the SEC approved a similar Bitcoin product in January, spurring a 75% increase in Bitcoin prices in the following weeks, and similar changes are expected in ETH's price trend. However, Kaiko analyst Adam McCarthy believes that there is not much demand for the Hong Kong ETH ETF and it has experienced several days of net outflows. The lack of collateral is also an important factor and may further affect demand.