On September 1st, Galaxy Research recently posted 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, both of which 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 the main trading platforms have not yet provided margin for ETHETF. To control some of these factors, such as the lack of margin availability, the performance of each product group can be compared for the first 25 days. During this period, the ratio of Ethereum ETF trading volume to Bitcoin ETF trading volume continued to decline.