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

On September 1, Galaxy Research recently published an article on X stating that since its launch, the trading volume of the spot Ethereum ETF has been significantly lower than that of the spot Bitcoin 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 the ETHETF. In order to control 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.