Bitcoin Favored Over Ether in Near Term Despite ETH ETF Hopes
• Traders prefer bitcoin over ether despite prospects of spot ETH ETF approval, expecting ETH to underperform BTC.
• ETH/BTC futures term structure slopes downwards, indicating bias for ether weakness relative to bitcoin.
• Uncertainty around ETH's asset classification and spot ETF approval timing clouds outlook.
• Delays in SEC decisions on spot ETFs could continue, with May 23 as next key date.
• Market makers likely to sell ETH on rallies to hedge large long exposure, capping upside.