Market observers say things don't look very promising for the Spot Ethereum ETF, as the odds of receiving approval from the U.S. Securities and Exchange Commission (SEC) by May 31 have not improved.
Polymarket Spot Ethereum ETF approval odds are fixed at 45%
According to data from top prediction platform Polymarket, the probability of spot approval for the Ethereum ETF is currently 45%.
This suggests that there has been no progress since last month regarding the proposed ETF offering. In March some polymarket gambler They bet on the approval of an Ethereum ETF by May 31st. There was also a clear split among these gamblers, with odds at the time he was 45%.
Before the Bitcoin spot ETF got the green light from the SEC, enthusiasm for the Ethereum ETF approval reached as high as 80%. However, confidence in the possibility of getting the SEC to consider this proposal has significantly declined. In recent weeks, the SEC's intense efforts to label the proposed ETF's underlying cryptocurrencies as securities have further diminished the chances of approval.
As time has passed, many experts and crypto enthusiasts have expressed optimism for spot approval of the Ethereum ETF. They draw precedent from favorable government actions. SEC moves towards spot Bitcoin ETF January will propel the product to unparalleled heights. gold ETF.
However, the recent actions of the SEC have caused many to lose faith in the potential of Spot Ethereum ETFs.
SEC moves against Ethereum Foundation
To achieve securities designation, some U.S. companies have recently A subpoena was issued by the SEC. Regarding the research on ETH a few weeks ago.
The European Commission required these US-based companies to provide documents and financial records related to their transactions with the US. Ethereum Foundation. This had a significant negative impact on Spot Ethereum ETF sentiment. So far, a small number of applicants have amended their applications and are awaiting a decision from the authorities.
of SEC is currently awaiting feedback We have received input from the public after opening a public comment period for several proposed Spot Ethereum ETFs. Eligible products include Fidelity Ethereum Fund, Bitwise Ethereum Fund, Grayscale Ethereum Trust, and more.
The agency has set a three-week deadline for public comment. This move shows that the SEC is interested in continued scrutiny of these new financial instruments, but it doesn't do much to improve the odds.
