Doubts on US Ether ETF Demand Pose Test for Second-Largest Token

Debut US exchange-traded funds for the Ether cryptocurrency may generate much less demand than spot-Bitcoin products, according to analysts, muddying the outlook for the second-largest token.

BlackRock Inc. and Fidelity Investments are among the issuers seeking to list Ether funds pending final Securities and Exchange Commission approvals. JPMorgan Chase & Co. strategists expect far smaller Ether ETF net inflows versus the $15.3 billion that has poured into Bitcoin vehicles this year.

The five-month-old Bitcoin ETFs benefited from a controversial narrative that pitches the market-leading token as digital gold, a spin that Ether lacks. The Ether funds also won’t offer ...