Community expects May ETH spot ETF approval to be rejected

“There has been increased discussion in the crypto community about the approval of an Ethereum (ETH) spot ETF, with the majority of the consensus being that (May) is not the right time to approve one,” crypto on-chain analytics platform Santiment reports via X. “The price typically moves against public expectations. “Prices typically move in the opposite direction of public expectations. Increased FUD (fear, uncertainty, and doubt) around ETH could be beneficial for the price. However, the closer we get to the SEC's approval, the more volatile it could become.” Reuters previously reported that the SEC is expected to deny approval of VanEck's ETH spot ETF at a meeting scheduled for May 23 (local time).