Several applications for ETH spot ETFs are pending before the US Securities and Exchange Commission (SEC). But, according to analysts at JP Morgan bank, approval of such funds in the spring is unlikely.
In a statement, JPMorgan's head of research, Nikolaos Panigirtzoglou, noted that the deadline for a decision on the first of the Ether exchange-traded fund bids is May.. And he believes that the probability of approval of this application is no more than 50%.
“We all understand that in order to approve spot Ethereum ETFs, the SEC will need to classify this asset as a commodity (similar to Bitcoin) and not as a security. I don’t dare to say firmly, but I wouldn’t give more than 50% that the regulator recognizes ETH as a commodity,” Panigirtzoglou noted.
He added that after the approval of spot Bitcoin ETFs, many expect that Ethereum will soon receive its own ETFs. But, according to the analyst, it is too early to talk about the emergence of such funds – the regulator has repeatedly stated that it considers all cryptocurrencies, with the exception of Bitcoin, to be securities.
Previously, JPMorgan analysts said they expect better results from ether in 2024 than in 2023.