Gemini said in its latest research report that the Ethereum spot ETF is expected to see a net inflow of up to $5 billion in the first six months after approval in the United States. The report analyzed that the market value of Ethereum relative to Bitcoin is near multi-year lows, and strong inflows could trigger a price rally. If the Ethereum/Bitcoin ratio returns to the median of the past three years, there could be a near 20% increase. In addition, the report also mentions that combined with the current assets under management of the Grayscale Ethereum Trust (ETHE), the total assets under management of the Ethereum spot ETF in the United States will reach 13 billion to 15 billion dollars in the first six months. Gemini believes that Ethereum's comparable asset management size in the international ETF market, strong on-chain dynamics, and stablecoin environment, among other factors, make Ethereum have good risk-reward potential in the coming months.