Bloomberg analyst Eric Balchunas said that the launch of the spot Ethereum ETF may be disappointing compared to the inflows of the US spot Bitcoin ETF, which is only a "supporting role" for the spot Bitcoin ETF. Balchunas explained that the value proposition of Bitcoin as "digital gold" is relatively easy to understand, while Ethereum and its broader DeFi ecosystem are more similar to technology stocks, which makes it more difficult for traditional retail investors to understand.