The Securities and Exchange Commission (SEC) has opened the floor for public comments on proposed spot Ethereum (CRYPTO:ETH) ETFs from Fidelity, Grayscale, and Bitwise, sparking a mix of anticipation and skepticism among investors and market analysts.

Despite the initial excitement surrounding the possibility of Ethereum ETFs, recent silence from the SEC has led to a dampened optimism, with Bloomberg analysts revising their approval expectations significantly downwards.

The SEC's request for comments within a 21-day window on the three Ethereum ETF proposals highlights the regulatory scrutiny these financial products are undergoing, underscoring the cautious approach the agency is taking towards digital asset funds.

Analysts Eric Balchunas and James Seyffart from Bloomberg have expressed concerns over the SEC's silence, interpreting it as a negative sign for the immediate future of Ethereum ETFs, suggesting a lower probability of approval in the near term.

The public's response to the SEC's solicitation for comments could provide valuable insights into the market's sentiment and readiness for such ETFs, potentially influencing the agency's decision-making process on the future of cryptocurrency-based financial products.