According to ChainCatcher, James Seyffart, an analyst at Bloomberg Intelligence, said that the probability of Ethereum spot ETF approval in May is about 60%. He said: “My base case is that there’s probably a 60% or so chance that it does get approved, but they have various ways that they could delay it. If the SEC wants to be prepared and wants all the issuers to come to market at the same time, they most likely will approve it on May 23. Unless, the SEC can find some way to reject or delay the whole thing and just sort of run out the clock.”

If the approval fails in May, Seyffart plans to wait and see in 2025.