Gold News reported that Kaiko's research indicates that the approval of the spot Ethereum ETF eliminates regulatory uncertainty and has a positive impact on the long-term rise of Ethereum. While it may face resistance in the short term, the approval suggests that the SEC implicitly views Ethereum as a commodity rather than a security. However, Kaiko also predicts that Grayscale's ETHE fund may experience capital outflows, and new capital inflows may have an impact on the market. At the same time, although the Ethereum ETF in Hong Kong has been launched, its performance is mediocre, reflecting the continuing uncertainty in the market's response to ETHE redemptions.