While the market had months to prepare for the Bitcoin ETFs, it had just days for its Ethereum counterparts.

Even though this led to a quick price boost for ether and a surge in open interest, suggesting an influx of leveraged positions, there was little time for traders to get fully positioned. Plus, as there is a delay before the ETFs go live, there is currently a window over the next few weeks that could let slower traders make their moves ahead of the pending inflows. As a result, market analysts are suggesting that the approvals might not yet be fully priced in.

“No, I don't think it is priced in,” said DeFiance Capital co-founder Arthur Cheong. “Impossible for the market to price in such a major shift in expectations and positioning in a few days. Price is almost unchanged …