Upon the anticipated approval for trading in the United States, spot ether (ETH) exchange-traded funds (ETFs) could witness net inflows reaching as high as $5 billion within the first half-year, according to a Monday research report by crypto exchange Gemini.

When these projected inflows are amalgamated with the existing assets under management (AUM) of the Grayscale Ethereum Trust (ETHE), the total AUM for spot ETH ETFs in the U.S. could span between $13 billion and $15 billion over the initial six months, the report elaborated.

Gemini highlighted that ether’s market valuation relative to bitcoin has hovered near multiyear lows, suggesting that these inflows could enhance ether’s market position.

“Considering the AUM comparable in international ETF markets, strong on-chain dynamics, and unique attributes such as a burgeoning stablecoin ecosystem, the risk-reward profile of an ETH catch-up trade appears favorable in the upcoming months,” stated Gemini.

Read more: ‘Winter is Over’ — Bullishness Returns in Wake of Ether ETF Anticipation

Ether spot ETFs are projected to commence trading in the U.S. in the near term, following the Securities and Exchange Commission’s (SEC) approval of initial filings from issuers in May. Bitcoin spot ETFs had their U.S. debut in January of this year.

Should the ether-to-bitcoin ratio revert to the median of the past three years, it could see a nearly 20% increase to 0.067, the report suggested. A return to the maximum ratio of 0.087 would represent a significant 55% rally.

Gemini noted that net inflows into spot ether ETFs falling below $3 billion would be seen as underwhelming, particularly in comparison to the $15 billion of inflows witnessed by bitcoin ETFs within their first six months. Net inflows surpassing $5 billion, equating to one-third of the bitcoin ETF inflows, would indicate robust demand. An inflow approaching 50% of bitcoin ETF levels, or $7.5 billion, would be considered an extraordinarily positive outcome.

This optimistic outlook aligns with sentiments expressed by Steno Research in a report last week. Steno projected that ether could potentially reach $6,500 by the end of the year, driven by strong ETF inflows and additional favorable factors.