Odaily星球日报讯 Galaxy Research 近日于 X 发文表示，自推出以来，以太坊现货 ETF 的交易量明显低于比特币现货 ETF，两者远低于 ETH/BTC CEX 交易量和市值比率。 多个因素导致了此结果，其中最重要的是主要交易平台尚未为 ETH ETF 提供保证金（margin）。为了控制其中的一些因素，比如缺乏保证金可用性，可以比较每组产品的前 25 天表现。期间以太坊 ETF 交易量与比特币 ETF 交易量的比例持续下降。

Odaily星球日报讯 Galaxy Research 近日于 X 发文表示，自推出以来，以太坊现货 ETF 的交易量明显低于比特币现货 ETF，两者远低于 ETH/BTC CEX 交易量和市值比率。多个因素导致了此结果，其中最重要的是主要交易平台尚未为 ETH ETF 提供保证金（margin）。为了控制其中的一些因素，比如缺乏保证金可用性，可以比较每组产品的前 25 天表现。期间以太坊 ETF 交易量与比特币 ETF 交易量的比例持续下降。

分析：以太坊与比特币现货ETF交易量之比远不及两者CEX交易量和市值比率

Odaily recently published an article by Galaxy Research stating that since its launch, the trading volume of the Ethereum spot ETF has been significantly lower than that of the Bitcoin spot ETF, and both are far lower than the trading volume and market capitalization ratio of ETH/BTC CEX. Multiple factors have led to this result, the most important of which is that the major trading platforms have not yet provided margin for the ETH ETF. To control some of these factors, such as the lack of margin availability, the performance of the first 25 days of each product group can be compared. During this period, the ratio of trading volume between the Ethereum ETF and the Bitcoin ETF has continued to decline.

Odaily Odaily News Galaxy Research recently published an article on X stating that since its launch, the trading volume of Ethereum spot ETF has been significantly lower than that of Bitcoin spot ETF, and both are far lower than the ETH/BTC CEX trading volume and market value ratio. Multiple factors have led to this result, the most important of which is that major trading platforms have not yet provided margin for ETH ETFs. In order to control for some of these factors, such as the lack of margin availability, the performance of each group of products in the first 25 days can be compared. During this period, the ratio of Ethereum ETF trading volume to Bitcoin ETF trading volume continued to decline.

Analysis: The ratio of Ethereum to Bitcoin spot ETF trading volume is far less than the ratio of their CEX trading volume and market value

According to HODL15 Capital's monitoring, the inflow/outflow of the US Bitcoin ETF is highly correlated with the BTC price: when the inflow of the Bitcoin ETF is relatively large, the BTC price is relatively high; when the outflow of the Bitcoin ETF is relatively large, the BTC price is often in a downward trend.

Viewpoint: Data from the past 8 months show that BTC prices are greatly affected by the flow of funds from the US Bitcoin ETF

The Odaily Planet Daily Report states that the Chicago Board Options Exchange (Cboe Exchange) has submitted a revised application to regulators to list Bitcoin and Ethereum spot ETF options. According to the documents, Cboe is seeking to list options based on Bitcoin and Ethereum ETFs issued by asset management companies, including Fidelity, 21Shares, Invesco, VanEck, Grayscale, Bitwise, BlackRock iShares, and Valkyrie. Based on the information in the Bitcoin and Ethereum options documents, the proposed rule change will classify cryptocurrency spot ETFs alongside commodity-based ETFs (such as the Goldman Sachs Physical Gold ETF and the iShares Silver Trust) as "securities suitable for options trading".

Cboe Submits Revised Application to List Bitcoin and Ethereum Spot ETF Options

According to Farside Investors' monitoring, the capital inflows of Ethereum ETFs such as Grayscale (ETHE), Grayscale Mini (ETH), Franklin (EZET), 21Shares (CETH), Bitwise (ETHW), and VanEck (ETHV) were all 0 yesterday.