Odds of Approval Dwindling
Bloomberg analyst Eric Balchunas is now only giving a 25% chance of Ethereum Spot Exchange-Traded Funds (ETFs) being approved in May. He’s even considering lowering that estimate.
Bitwise’s Latest Filing
Bitwise Invest has filed for an Ethereum ETF, using a Form S-1 registration statement. They also filed a 19b-4 form to list the ETF on NYSE Arca.
SEC’s Silence Worries Analysts
Despite Bitwise’s filing, Balchunas remains skeptical. He notes that the SEC has been silent on the matter, which is concerning with only seven weeks left until the May deadline.
Bitwise’s Correlation Analysis
Bitwise’s ETF filing includes a new correlation analysis that mimics the SEC’s assessment process for Bitcoin. The results show that the correlation between Ethereum and Bitcoin is similar to that of Bitcoin and gold.
Analysts Still Pessimistic
Despite Bitwise’s efforts, analysts like Balchunas are still not convinced. They believe that the odds of approval are still very low.
