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Many of the largest decentralized exchanges (DEX) tokens posted gains on Tuesday.

The decline in trading volumes for ETH instruments suggests lower-than-expected institutional interest in the asset, particularly following the launch of spot ETH ETFs, according to CCData.

Staking platform Lido’s share in staked ether has continued to fall, reducing concerns about concentration in the Ethereum network, the report said.

Ether is probably the only digital asset other than bitcoin likely to get spot ETF approval from the SEC, the report said.

The British bank predicts that the SEC will eventually treat spot ether ETF applications similarly to bitcoin ETFs, putting May 23 as the expected date for an approval.

The ether- bitcoin ratio has surged 10% in the first 19 days of the year, taking back part of last year's 25% slide.

The cryptocurrency does not have major supply-side overhangs such as token unlocks or miner sell pressure, the report said.

The notional open interest, or the dollar value locked in the number of active ether futures contracts, surged by 25% in a single day.

Bets on Ethereum tokens may spark a reversal of fortunes for ETH investors, especially as the token underperformed bitcoin in 2023.