On June 6, analysts said that demand for spot Ethereum ETFs could be much lower than for spot Bitcoin ETFs. "Ethereum doesn't have the popularity of Bitcoin," said Caroline Bowler, CEO of BTC Markets Pty. She added that Bitcoin's market cap of $1.40 trillion is three times that of Ethereum, so she believes "it won't have the same impact." JPMorgan strategists, led by Nikolaos Panigirtzoglou, estimate the proposed Ethereum portfolio will attract "modest" net inflows of $1 billion to $3 billion for the rest of the year. Eric Balchunas, senior ETF analyst at Bloomberg, said the products could struggle to capture 20 per cent of US Bitcoin ETF assets, which are currently worth $62.50 billion. Vetle Lunde, senior research analyst at K33 research, is optimistic, predicting a net inflow of $4 billion in the first five months and a "huge supply absorption shock" to boost Ethereum.