There is growing ecosystem interest in an Ethereum (ETH) spot exchange traded fund (ETF), which is expected to catalyze further gains in the crypto bull market

In this regard, market maker GSR has lowered its May approval odds for an ETH spot ETF to 20%. In January, GSR had previously predicted a 75% chance of approval in May. According to TheBlock, GSR analyst Brian Rudick said, "There is reportedly little discussion between the SEC and issuers, and there is political pressure to not approve additional crypto ETFs. "The approval process for an Ethereum spot ETF could take a long time, especially with the SEC's ongoing investigation into whether Ethereum is a security, which will materially reduce the likelihood of spot ETF approval. We estimate that the product is likely to be approved in 2025-2026."

On the other hand, sassal, founder of The Daily Gwei, an Ethereum transaction fee tracking platform, recently told X that "based on the information available, it is highly likely that the ETH spot ETF will be approved on May 23rd (local time)." "If the Ethereum spot ETF is not approved, this is an opportunity to buy ETH at a low price. I personally plan to buy more ETH in this case. It's not a matter of if, but when an ETH spot ETF will be approved."

Meanwhile, Larry Fink, CEO of BlackRock, the company that pioneered the BTC spot ETF, told The Claman Countdown: "There are a lot of different opinions on whether Ethereum is a commodity or a security. When asked how he views the issue in the context of ETFs, Fink replied: "It's hard to talk about it, but I don't think it would be very harmful. I think we will be able to launch an Ethereum ETF even if it is classified as a security."