SP Global analysts state that if approved, the proposed Ethereum spot ETFs could increase concentration risk within the Ethereum ecosystem. The analysts say, "US spot Ethereum ETFs with staking capabilities could become large enough to alter the concentration of validators on the Ethereum network, for better or worse. Therefore, it is crucial to understand how the ETF issuers' choices will impact concentration risk." The analysts suggest that new cryptocurrency custodians could help ETF issuers achieve staking diversification, thereby mitigating this risk.