Eight exchange-traded funds tracking the price of Ethereum’s native token, ether, went live Tuesday — a bullish moment if ever there was one for the second-largest cryptocurrency by market capitalization. Many industry commentators predict that these funds, similar to spot bitcoin ETFs that have seen breakout success, will drive up the price of ETH.

Kaiko’s Head of Indexes Will Cai, for instance, wrote the “ETH price could be sensitive to inflow numbers of the first days” although “a full demand picture may not emerge for several months,” in a Monday report. Firms from crypto market maker Wintermute to international banking giant Citi have predicted billions of dollars of inflows into spot ETH funds this year.

However, traders on the betting market Polymarket are decidedly less bullish …