Introduction

The possibility of Ethereum Spot Exchange-Traded Funds (ETFs) getting approved in May is becoming more uncertain, according to senior Bloomberg Intelligence analyst Eric Balchunas. Balchunas, who previously had a more positive outlook, now predicts a mere 25% chance of approval by the Securities and Exchange Commission (SEC).

In a recent post, Balchunas expressed his pessimism towards the approval of an Ethereum ETF in May, highlighting the uncertainty surrounding the products. This shift in stance coincides with Bitwise Invest’s filing for an Ethereum ETF, signaling their confidence in the approval process.

Despite Bitwise’s optimism and the positive reception from the cryptocurrency community, Balchunas remains cautious, emphasizing that the odds are still low. He mentioned the lack of communication from the SEC as a concerning factor, indicating the challenges ahead for Ethereum ETF approval.

Conclusion

In their latest filing, Bitwise included a new correlation analysis for the Ethereum ETF, mirroring the evaluation process used for Bitcoin ETFs by the SEC. This detailed analysis aims to provide a comprehensive assessment of the correlation between Ethereum and other assets, setting a precedent for future ETF approvals.