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Bloomberg’s senior ETF analyst James Seyffart believes that spot Ethereum ETFs will not be approved in May.

The announcement by the U.S. Securities and Exchange Commission (SEC) on Tuesday, March 19, that it has postponed the spot Ethereum exchange-traded fund applications filed by Hashdex and Ark 21Shares to later dates prompted Bloomberg analyst James Seyffart to make a statement.

In a recent post on the matter, Seyffart expressed that these postponements were expected, and he mentioned that other spot Ethereum ETF applications are likely to be postponed in the coming days. Additionally, he did not hesitate to express his despair, while also emphasizing that the sole date to be noted is May 23, 2024.

Earlier this year, in his statements, Seyffart had given a 70% chance of the SEC approving the spot Ethereum ETF applications in May, but he recently reduced this probability to 30%.

In his latest statement, he indicated that the SEC will most likely reject the spot Ethereum ETFs in May. He noted that there was close contact between the SEC and the companies during the spot Bitcoin ETF application process, but when it came to Ethereum ETFs, the situation turned the opposite.

Interpreting the SEC’s cold demeanor as a clear sign, the experienced analyst included the following statements in his explanation:

My cautious optimistic stance on Ethereum ETFs has changed in recent months. We now believe that these will be rejected on May 23. The SEC did not contact issuers regarding Ethereum details. This is the opposite of what happened with Bitcoin ETFs this fall.

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