Spot Ethereum ETFs, which are expected to be traded in the USA in the coming months, are seen as an important development for both investors and the cryptocurrency market. Matt Hougan, investment director of the asset management company Bitwise, sheds light on the potential investment amount of this development in his report published on Monday.

In his report, Hougan predicts that spot Ethereum ETFs in the US could attract $15 billion in net investment in the first 18 months. This prediction can be considered as a result of investors’ interest in cryptocurrencies and the conveniences offered by spot ETFs. Investors who are accustomed to traditional investment instruments are now able to access cryptocurrencies more easily through spot ETFs.

So how did Hougan make this prediction? The report focuses on the relationship between the market values ​​of Bitcoin and Ethereum when estimating the amount of investment. As the report notes, Bitcoin currently accounts for 74% of the total cryptocurrency market. This suggests that investors will likely invest in Bitcoin and Ethereum ETFs at similar rates.

Hougan emphasizes that US investors have invested a total of $56 billion in spot Bitcoin ETFs since January. This figure is predicted to increase by $100 billion or more by the end of 2025, with the approval of major investment platforms. This increase indicates that spot Bitcoin ETFs are gaining increasing attention among investors.

The report states that spot Ethereum ETFs need to attract $35 billion in investment to reach market share parity with Bitcoin. However, Hougan draws attention to an important point through the example in Canada. In Canada, Ethereum ETPs account for only 22-23% of total assets under management. This slightly underperforms the absolute market value. Hougan attributes this situation to Bitcoin’s advantage of being the first to enter the market. The report also highlights that some investors consider their cryptocurrency exposure sufficient by investing only in Bitcoin ETFs.

If we extrapolate the situation in Canada to the US, spot Ethereum ETFs capturing only a 22% market share could reduce the net investment estimate to $18 billion. Other factors mentioned in the report could also reduce this figure by another $3 billion. In this case, the net investment amount that spot Ethereum ETFs can attract in the first 18 months may remain below $15 billion.

As a result, spot Ethereum ETFs in the US are expected to present a significant opportunity to investors. However, Hougan’s prediction may have a certain volatility as it is based on the market cap relationship between Bitcoin and Ethereum and investor behavior. Investors should conduct comprehensive market research and consider their own risk tolerance when making this investment decision.

Another important point emphasized in the report is the regulatory developments in the US cryptocurrency market. The approval and trading of Spot Ethereum ETFs also has a symbolic meaning in terms of the US’s stance on regulating the cryptocurrency market. This development could pave the way for ETFs based on other cryptocurrencies in the future.