The likelihood of Ethereum-ETF approval in May dropped to 30%

There is a 30% chance of spot Ethereum ETFs being approved in May 2024. About this in an interview The Block said Bloomberg analyst Eric Balchunas.

It should be noted that in January, Balchunas estimated the possibility of launching this investment product at 70%, while his colleague James Seyffart – at 60-65%.

Seyffart also changed his position regarding the possible approval of spot Ethereum ETFs by the US Securities and Exchange Commission (SEC).

This #Ethereum ETF cycle feels like the opposite of #Bitcoin ETF approval odds at the moment. The more we see/hear (and don't see/hear) the less optimistic I become.

We're ~73 days from the deadline and there really seems to be little to no movement https://t.co/N6OpM870XF

— James Seyffart (@JSeyff) March 11, 2024

Last week, representatives from Coinbase and Grayscale met with SEC staff to discuss a spot Ethereum ETF. Balciunas said the development could be a “positive sign,” but the regulator has yet to comment on its meeting with the candidates.

Normally I'd say this was good sign but as far as I know the Staff has not given any comments yet to the issuers, which is not a good sign as we past when they gave comments on btc ETFs. Further, there's no court loss hovering over. And the correlations bt futures and spot isn’t… https://t.co/AVMhL1QKGf

— Eric Balchunas (@EricBalchunas) March 8, 2024

Representatives of GSR Markets Limited, which is a partner of Ripple and a liquidity provider on the crypto market, also expressed concerns about the launch of this product:

JPMorgan Chase bank experts are also skeptical. They believe that to launch a new class of funds, it is necessary for the SEC to recognize Ethereum as a commodity.