Forecasts of approval of the much-anticipated Ethereum Exchange-Traded Funds (ETFs) have recently taken a downward turn, prompting speculation and concern among cryptocurrency enthusiasts and market analysts. The prospects for approval, once seemingly promising, have now dwindled, with industry experts expressing doubts about its possibility.

Bloomberg Intelligence ETF expert Eric Balchunas recently reported that the approval odds for an Ethereum spot ETF have plummeted significantly in the past few months. In a social media update, Balchunas highlighted that there is now only a slim 35% chance of getting the ETH ETFs approved by the anticipated May deadline, a stark departure from his earlier estimate of a 70% possibility.

Balchunas emphasized that while there are factors supporting the approval of the ETFs, the current landscape lacks the positive indicators that previously fueled optimism for Bitcoin Spot ETFs. Despite the reduced odds, he urged the community not to lose hope entirely, noting that a 35% chance is not negligible and implying a potential for approval in the longer term.

Fox Journalist Eleanor Terret echoed these sentiments, acknowledging the uncertainty surrounding the approval while maintaining an optimistic outlook. She emphasized the lack of significant engagement from SEC officials and the swiftly approaching May deadline, hinting that the agency’s involvement might increase in April or May.

Furthermore, James Seyffart, another Bloomberg Intelligence ETF analyst, drew attention to the contrasting cycle of Ethereum ETF approvals in comparison to Bitcoin ETFs. He noted a decrease in optimism as the deadline for approval draws closer, with little observable progress being made.

Even the World’s largest prediction market, Polymarket, confirmed the decline in acceptance odds, with data from the platform showing that Ethereum ETF odds are currently sitting at 36%.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.