Ethereum spot ETFs have seen net outflows overall since their launch last month, while the spot bitcoin ETFs launched earlier this year have been more successful, JPMorgan said in a research note on Wednesday. Ethereum funds saw net outflows of about $500 million, while bitcoin ETFs saw net inflows of more than $5 billion. The bank said the weak numbers for the Ethereum ETF were somewhat to be expected, noting that bitcoin's "first mover advantage", lack of staking and low liquid sexual expectancy made it less attractive to institutional investors.