Bitwise CIO Matt Hougan predicted that spot Ethereum exchange-traded funds will attract $15 billion of net inflows in their first 18 months, once launched in the U.S.

The U.S. Securities and Exchange Commission approved 19b-4 forms for eight spot Ethereum ETFs from firms like Bitwise, BlackRock and Fidelity on May 23. However, the issuers still need to have their S-1 registration statements become effective before trading can begin. This is expected to happen in the next few weeks.

Hougan compared ether’s relative market capitalization to bitcoin, data from international exchange-traded product markets and the role of the carry trade in arriving at the figure, in a note sent to clients on Tuesday. The spot Bitcoin ETFs reached $15 billion of net inflows earlier this month after five …