Bloomberg ETF analysts have dropped their chances of a spot Ethereum ETF approval in May to 30%.

“We are [at] 30% odds,” Bloomberg Senior ETF Analyst Eric Balchunas told The Block. 

In January, Balchunas said there was a 70% chance of approval by May, while his colleague James Seyffart had given a 60-65% estimate. 

On March 8, Coinbase and Grayscale met with the SEC about potentially converting Grayscale’s Ethereum Trust into an ETF. At the time, Balchunas said that this would normally be a good sign—except that, as far as he knew, the SEC had not yet commented on the issuers. 

Preparing to lower chances of spot Ethereum ETF approval

The past couple of months have dampened expectations from those most confident that an approval could be imminent. The key reason appears …