Mixed outlook ahead of May decision on ETH spot ETF approval

The market has a mixed outlook on the prospect of an Ethereum (ETH) spot ETF being approved, reports The Block, citing several crypto industry insiders. Matt Kunke, an analyst at crypto market maker GSR Markets Research, said: "Based on the optimistic outlook, including the Grayscale lawsuit victory, there is a 75% chance that an ETH spot ETF will be approved by May. If the U.S. Securities and Exchange Commission (SEC) denies approval, there will be an inevitable appeal." Philippe Bekhazi, founder of cryptocurrency investment firm XBTO, also said that "the approval of an ETH spot ETF is not a matter of if, but when". Bloomberg analysts, who have been predicting BTC spot ETF approval, also see a 70% chance of ETH spot ETF approval in May. On the other hand, Anthony Scaramucci, founder of global investment firm Skybridge Capital, expressed skepticism: "With the approval of the BTC spot ETF, the SEC has made it clear that it considers most cryptocurrencies to be subject to securities laws." JPMorgan analysts also predicted on May 19 that "there is less than a 50% chance that the SEC will approve an ETH spot ETF by May.