• The correlation between Ethereum spot and futures ETF was weaker than that of Bitcoin.
• SEC’s dubious stance on ETH’s status was causing anxiety among industry observers.

The popularity of spot Bitcoin [BTC] ETFs has created a new paradigm for the crypto market, spurring strong demand for similar investment opportunities for other currencies as well.

The next candidate in the queue was Ethereum [ETH], the world’s second-largest cryptocurrency, which was anticipating its own spot ETF in the next two months.

While the mood was largely optimistic, some concerning developments surfaced, casting doubts on the likelihood of approvals.