Polymarket has estimated the chances of approval for a spot Ethereum ETF by the end of May at 45%, aligning with the overall skepticism surrounding the product.

Despite hopes of improvement, the odds of the United States Securities and Exchange Commission (SEC) approving spot Ethereum ETFs by the end of May have not changed according to market observers.

Data from Polymarket reveals that the approval odds for spot Ethereum ETFs remain at 45%, indicating no significant progress since last month. Gamblers on Polymarket had initially wagered against Ethereum ETF approval by May 31, with conflicting opinions leading to a 45% estimation.

The enthusiasm for Ethereum ETF approval had surged to 80% before spot Bitcoin ETFs were approved by the SEC. Nevertheless, recent actions by the SEC regarding the classification of cryptocurrencies as securities have dampened hopes for the Ethereum ETF.

The SEC's recent investigation into the Ethereum Foundation and demands for financial documents from U.S.-based companies have negatively impacted the sentiment surrounding spot Ethereum ETFs. Despite some applicants revising their filings, awaiting the SEC's decision has become more uncertain.

With the public comment period initiated by the SEC for various spot Ethereum ETF proposals, including the Fidelity Ethereum Fund, Bitwise Ethereum Fund, and Grayscale Ethereum Trust, the agency aims to gather feedback. However, these actions have not increased the odds of approval significantly.