Grayscale CEO Michael Sonnenshein is reportedly "optimistic" about Ethereum ETF approval prospects. 

The head of the latest cryptocurrency asset manager expects the agency to do "the right thing."

As reported by U.Today, Grayscale recently withdrew its Ethereum futures ETF application after it was delayed in November. According to ETF analyst James Seyffart, it was a Trojan horse filing that was meant to get a 19b-4 order from the SEC.

However, according to multiple analysts, Grayscale's withdrawal likely means that it is not going to pursue another lawsuit against the SEC. 

Last August, Grayscale scored a massive victory against the agency, which eventually paved the way for the approval of a slew of Bitcoin ETFs in January.

Grayscale's GBTC recently recorded its first days of inflows after months of non-stop bleeding. 

Despite the success of Bitcoin ETFs, the consensus appears to be that the SEC will shoot down several Ethereum ETF applications this March based on the complete lack of engagement with ETF issuers.  

Recently, key Ethereum backer Consensys, which is helmed by Ethereum co-founder Joseph Lubin, took the SEC to court over its attempt to label the leading altcoin as a security. 

In late April, Bitcoin and Ethereum ETFs started trading in Hong Kong, but their debut was rather underwhelming.