In the last day, Ethereum (ETH), the second-biggest cryptocurrency, fell by 5% in value. This drop is because people think the US Securities and Exchange Commission (SEC) will probably say no to the Ethereum ETFs in May.

Companies that want to make Bitcoin ETFs are expecting the SEC to say no to them. They had meetings with the SEC, and they didn't go well. They say the SEC didn't talk much about the ETFs during the meetings.

Big investment companies like VanEck and ARK want to make ETFs for Ethereum. VanEck's and ARK's ETFs are being checked by the SEC, and we will know what they say by May 23 and 24.

People who were in the meetings with the SEC and the ETF companies say the SEC didn't talk much. This is different from when they approved Bitcoin ETFs in January. The companies say that because the SEC said yes to Bitcoin ETFs and Ethereum futures ETFs, they should say yes to Ethereum ETFs too.

But the report says the SEC didn't talk much during the meetings. This could mean they will say no to the ETFs.

If the SEC says no, it will be bad for the crypto industry. They thought if Bitcoin ETFs were approved, Ethereum ETFs would be too. But now, no one knows what will happen.

Some companies say they will try again with more information. But most people think the SEC will say no.

If the SEC says no, some people think they will go to court. This could mean it will take a long time for Ethereum ETFs to be approved.

People are already selling Ethereum because they think the ETFs will be rejected. Now, Ethereum is worth $3,100. It's been going down for two weeks now.