James Seyffart, a prominent Bloomberg analyst covering ETFs and the broader fund industry, has clarified that the odds of a spot Ethereum ETF being approved in the US are still low. 

Before that, he injected some excitement into the crypto community by making an April Fools' Day joke about Ethereum ETF approval odds skyrocketing to 99%.

"Sorry guys, had to join the fun," the analyst quipped on the X social media network. 

As reported by U.Today, cryptocurrency asset manager Bitwise recently submitted a new Ethereum ETF application with the U.S. Securities and Exchange Commission. 

However, Eric Balchunas, Bloomberg's senior ETF analyst, was quick to pour some cold water on Bitwise's effort, stating that the odds for Ethereum ETF approval remain at a "pessimistic" 25%. Moreover, Balchunas has stated that he could go "even lower" than that if he could. "Again, personally I want them to approve but I also want to get the call right so we will be a perfect 4 for 4 in crypto ETF predictions," he added. 

Last month, Ethereum ETF approval odds plummeted after the SEC delayed its decision on a slew of existing proposals. Legal analyst Jake Chervinsky speculated that political pressure could be one of the key reasons behind the SEC's hesitancy. 

Moreover, according to various reports, the SEC intends to classify the second-largest cryptocurrency as a security, which could further complicate the approval process. 

That said, BlackRock CEO Larry Fink recently clarified that a spot Ethereum ETF could be approved even if the top altcoin ends up being a security. The financial behemoth filed for a spot-based Ethereum ETF last November. 

In January, the SEC greenlit various spot Bitcoin ETFs from BlackRock, Fidelity, and other prominent names.