Bloomberg's senior ETF analyst, Eric Balchunas, gives a mere 25% chance for the SEC to greenlight an Ethereum (CRYPTO:ETH) ETF, citing a notable silence and lack of positive indicators compared to the pre-approval phase of the Bitcoin (CRYPTO:BTC) ETF.

The SEC's approach towards Ethereum ETF applications appears strategic, focusing on the critical classification of Ethereum, which may lean towards being treated as a security due to recent investigative actions towards entities connected to the Ethereum Foundation.

Despite the pessimistic outlook from Bloomberg, Grayscale's Chief Legal Officer, Craig Salm, holds a more optimistic view, suggesting that the groundwork laid by the Bitcoin ETF approval process has already addressed many concerns that would apply to an Ethereum ETF.

The debate around the Ethereum ETF intensifies as major asset managers, including industry giants like Blackrock and Fidelity, have submitted their applications, with VanEck's proposal facing an impending decision deadline on May 23.

As the SEC's verdict on Ethereum ETFs looms, the disparity in opinions between market analysts and industry insiders underscores the uncertainty and high stakes involved in the regulatory approval process.