Ethereum

James

BlackRock

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James Seyffart, a prominent Bloomberg analyst covering ETFs and the broader fund industry, has&nbsp;<a href="https://twitter.com/JSeyff/status/1774865770876457290">clarified</a> that the odds of a spot Ethereum ETF being approved in the US are still low.&nbsp;
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.&nbsp;
As&nbsp;<a href="https://u.today/ethereum-etf-application-submitted-by-bitwise">reported by U.Today</a>, cryptocurrency asset manager Bitwise recently submitted a new Ethereum ETF application with the U.S. Securities and Exchange Commission.&nbsp;
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.&nbsp;
Last month, Ethereum ETF approval odds&nbsp;<a href="https://u.today/ethereum-etf-approval-odds-plummet-heres-why">plummeted</a> 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.&nbsp;
Moreover, according to various reports, the SEC intends to classify the second-largest cryptocurrency as a security, which could further complicate the approval process.&nbsp;
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.&nbsp;
In January, the SEC greenlit various spot Bitcoin ETFs from BlackRock, Fidelity, and other prominent names.&nbsp;

Don't Be Fooled: Ethereum ETF Still Unlikely, According to Top Analyst

U_Today

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