Experts are uncertain about the approval of spot Ethereum ETFs by May, with Bloomberg ETF expert Eric Balchunas stating that the likelihood of acceptance is less than 50%. This is due to the absence of indicators that were present before spot Bitcoin ETFs were approved in January. Analysts had previously predicted a 60% to 70% chance of approval by May.

Fox’s Eleanor Terrett also shares this sentiment, noting that the U.S. SEC has not engaged with issuers as it did for spot BTC ETF applications last year.

Variant Fund’s chief legal officer, Jake Chervinsky, expressed similar concerns, suggesting that the SEC may introduce new grounds for denial not seen during the Grayscale court case. He also mentioned the possibility of the SEC revisiting the correlation between spot and futures markets, potentially favoring futures products over spot ETFs.

Spot Ethereum ETF issuers are currently in a state of limbo, with decisions on multiple spot ETH ETF applications delayed until May. The SEC has not provided feedback to issuers on filing details, leaving the future of spot Ethereum ETFs uncertain.

Crypto.news reported possible meetings between the SEC and issuers of spot Ethereum ETFs this month, with Coinbase urging the securities regulator to approve Grayscale’s bid to convert its Ethereum Trust into an ETF.

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