According to a recent report from Citi, the bank believes that Ethereum appears to be less likely to "buy the news and sell the fact" than Bitcoin. Because the probability of the spot Ethereum ETF being approved is relatively small in comparison, the market positioning is not so extreme.
Citi data shows that Ethereum open interest and financing rates have declined compared to previous months. However, open interest has begun to rise, indicating that the market's expectations that the ETF may be approved are getting higher and higher.
In addition, Citi's historical data shows that net inflows into spot Bitcoin ETFs have a significant impact on the returns of cryptocurrencies. For example, as of May 20, the total net inflow of spot Bitcoin ETFs was $12.9 billion, which means that every $1 billion in inflow will push Bitcoin up by about 6%. Assuming that Ethereum has a similar pattern, it is estimated that the inflow may be between $3.8 billion and $4.5 billion, which may drive Ethereum prices up by 23-28%
Citi data shows that Ethereum open interest and financing rates have declined compared to previous months. However, open interest has begun to rise, indicating that the market's expectations that the ETF may be approved are getting higher and higher.
In addition, Citi's historical data shows that net inflows into spot Bitcoin ETFs have a significant impact on the returns of cryptocurrencies. For example, as of May 20, the total net inflow of spot Bitcoin ETFs was $12.9 billion, which means that every $1 billion in inflow will push Bitcoin up by about 6%. Assuming that Ethereum has a similar pattern, it is estimated that the inflow may be between $3.8 billion and $4.5 billion, which may drive Ethereum prices up by 23-28%