📢 Big news, folks! Grayscale's Ether futures ETF application has been pulled back! 🤔

- The US SEC confirmed the withdrawal of the Grayscale Ethereum Futures Trust ETF application, initially filed by NYSE Arca, Inc. last September.

- The SEC had previously delayed considering Grayscale's ETF, with the last postponement in March.

- However, the SEC did approve a bunch of Ether futures ETFs in October 2023, including ProShares, VanEck, and Bitwise.

Bloomberg ETF analyst James Seyffart was the first to spot this. He thought Grayscale had a strategy to use its Ether futures ETF to sway the SEC into approving its spot ETH ETF.

- Seyffart finds it odd that Grayscale pulled its application, especially with the SEC set to decide on at least one spot Ether ETF application on May 23.

- Seyffart and fellow analyst Eric Balchunas had previously estimated a 25% chance of approval for spot Ether ETFs in May, down from 70% in January.

What do you think about this move? 🧐 Let's chat in the comments! #DeFi #Web3