A new report from Kaiko shows that Ethereum could outperform Bitcoin following the highly anticipated launch of the Ethereum exchange-traded fund (ETF) in the United States. The report notes that the current price ratio of Ethereum to Bitcoin is 0.05, higher than the 0.045 before the Securities and Exchange Commission (SEC) approved the spot Ethereum ETF, indicating that the price of Ethereum is rising relative to Bitcoin. The report also highlights that Ethereum's 1% market depth and exchange reserves are at multi-year lows, which could foreshadow a supply shock due to increased institutional demand, driving ETH prices further higher. According to the forecast, the spot Ethereum ETF could be launched before July 23, and institutional investors are expected to attract inflows of $10 billion at a rate of around $1 billion per month. Overall, Kaiko's analysis believes that with the launch of a spot Ethereum ETF, Ethereum could outperform Bitcoin in terms of market performance.