Bloomberg analysts have significantly reduced the likelihood of a spot Ethereum exchange-traded fund (ETF) being approved by the U.S. Securities and Exchange Commission (SEC) by May.

The SEC’s silence and inaction have led analysts to reassess the chances of a spot Ethereum ETF approval, with Bloomberg Senior ETF Analyst Eric Balchunas now estimating a 30% probability, down from his January prediction of 70%.

The absence of typical pre-approval activities, such as filing changes and issuer engagement, has been a cause for concern among industry experts.