Bitwise Chief Investment Officer Matt Hougan said that the US Spot Ethereum ETF will have a difficult start after listing, but the impact on the asset's price is likely to be greater than the impact of the Spot Bitcoin ETF on BTC, and the Spot Ethereum ETF will have a greater impact on the ETH price for three reasons: 1. The multitude of Ethereum use cases has led to an actual near-zero inflation rate for Ethereum, as the amount of new ETH generated per day is negligible relative to the amount of activity on the Ethereum network. 2. Bitcoin mining requires expensive computer chips and a lot of energy, which is expensive, and miners are forced to sell bitcoin to maintain operations, while there are no "significant direct costs" for pledging ETH; 3. About a third of Ethereum (28%) is staked and locked up for a period of time. "Currently 28% of Ethereum is staked, which means they are effectively out of the market."