Pankaj Balani, CEO and co-founder of Delta Exchange, said in an email: "The market has digested the news of the listing of the Ethereum Spot ETF as ETH/BTC has been in the downtrend range since the announcement in May. The market expects the inflow of the Ethereum Spot ETF to be lower than the inflow of the Bitcoin Spot ETF. ETH has underperformed BTC this year as gas fees on the ETH L1 blockchain remain at yearly lows and activity has shifted to Ethereum L2 and Solana."