The recent approval of spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has not immediately resulted in a significant price surge for Ether (ETH). Analysts suggest two main reasons for this. Firstly, it's believed that much of the anticipation surrounding the approval had already been priced in, leading to limited immediate impact on the price. Additionally, while the ETFs have been approved, they are yet to be launched, pending the approval of comprehensive S-1 filings by the SEC. This process could take weeks to months. Therefore, the expected influx of capital into Ether through ETF trading has not yet materialised. There are also concerns that Grayscale's announcement of converting its Grayscale Ethereum Trust (ETHE) into a spot Ether ETF could lead to significant outflows, as seen with Grayscale Bitcoin Trust (GBTC) after the approval of Bitcoin ETFs. Despite these factors, analysts anticipate a potential significant capital influx into Ether once ETFs start trading.