On September 1st, Galaxy Research recently posted on X that since its launch, the trading volume of the spot Ethereum ETF has been significantly lower than that of the spot Bitcoin ETF, and both are far below the ETH/BTC CEX trading volume and market cap ratio. Multiple factors have led to this result, the most important of which is that the major trading platforms have not yet provided margin for the ETHETF. To control for some of these factors, such as the lack of margin availability, it is possible to compare the performance of each group of products in the first 25 days. During this period, the ratio of Ethereum ETF trading volume to Bitcoin ETF trading volume continued to decline.