JPMorgan: Multiple factors lead to the speculation level of Ethereum spot ETF being lower than Bitcoin

On February 10th, Morgan Stanley analyst Kenneth Worthington stated in a report this week that although ETH is expected to benefit from the speculation surrounding spot ETFs, investors' reactions to dramatic events have been somewhat subdued. Since November 9th when BlackRock first submitted an application for an Ethereum spot ETF, the price of Ethereum has risen by 20%. However, prior to this, after BlackRock first submitted an application for a Bitcoin spot ETF, Bitcoin surged by 55%. The report indicates that the level of "speculation" surrounding the Ethereum spot ETF is lower than that of Bitcoin, possibly due to its lower market value and lack of "first-mover advantage" compared to Bitcoin. Perhaps the market has learned lessons from the FOMO surrounding the Bitcoin spot ETF or it may be because regulatory decisions regarding whether Ethereum qualifies as a security are too ambiguous.