Andrew Kang, co-founder and partner of crypto venture capital firm Mechanism Capital, said in a social media post that unless Ethereum develops a convincing path to improve its economic conditions, the price of Ethereum will not gain much upside from the adoption of a spot ETF. It expects the flow of funds in the Ethereum Spot ETF to be lower than the market generally expected, as the ETF approval came as a surprise, and issuers did not have much time to convince large holders to convert their ETH to an ETF. On the other hand, holders are less attractive to convert ETH, as they need to give up their pledge or use the proceeds of ETH as DeFi collateral. In addition, Andrew Kang expects ETH/BTC to continue its downward trend, with a ratio between 0.035 and 0.06 in the coming year. Despite the small sample size, the market does see ETH/BTC hitting lower highs in each cycle, so this should come as no surprise.