Spot Ethereum ETF will have a greater impact on ETH prices for three reasons:

1. Considering the widespread use of Ethereum DAPPs compared to the "small amount of ETH" newly generated every day, Ethereum's inflation rate is actually close to zero;

2. Bitcoin mining requires expensive computer chips and a lot of energy, which is costly, and miners are forced to sell Bitcoin to maintain operations, while staking ETH has no "significant direct costs";

3. About one-third of Ethereum (28%) is staked and locked for a period of time. "Currently 28% of Ethereum is staked, which means that they have actually withdrawn from market circulation."