Odaily News Brokerage firm Bernstein pointed out in a recent research report that once the Ethereum spot ETF is approved for trading, its demand sources may be similar to those of the Bitcoin ETF, but on a smaller scale. Analysts Gautam Chhugani and Mahika Sapra emphasized in the report that due to the lack of Ethereum staking functionality, the conversion volume of the Ethereum spot ETF is not expected to be excessive. However, they expect underlying transactions to gradually attract buyers, thereby maintaining healthy liquidity in the ETF market. Bernstein believes that Ethereum and other digital assets need a more complete regulatory system, and expects that the market narrative after the US election will improve as the Republican chances of winning increase and Trump now supports cryptocurrencies. Despite the recent pullback in the cryptocurrency market, the report emphasizes that "the structural adoption cycle remains intact." (Coindesk)