Crypto asset management company Grayscale has voluntarily withdrawn its application for listing of the "Ethereum Futures ETF", which immediately triggered speculation that "the Ethereum spot ETF will soon be approved." However, analysts have judged that this possibility is not big.

According to public documents, Grayscale submitted a notice of withdrawal of its Ethereum Futures ETF application to the U.S. Securities and Exchange Commission (SEC) on May 7. The final review results of this application were originally expected to be released on May 30.

In response to the reason for the sudden withdrawal of the application, Grayscale did not explain much in the notice. It only elaborated on the multiple extensions of the review time since the application was submitted on September 19 last year. The U.S. SEC announced on November 15 last year, December 18 and March 22 this year that it would postpone the announcement of the review results of this fund.

Bloomberg ETF analyst James Seyffart commented on this that Grayscale’s move is quite intriguing, mainly because the original idea of ​​this application was to obtain approval in the same way that GBTC was listed after winning the lawsuit.

James Seyffart said that he believed that Grayscale hoped to launch another legal battle on the grounds that "the US SEC approved futures ETFs but rejected spot ETFs", but now that the application for Ethereum futures ETFs has been withdrawn, this plan has come to an end. .

"It's a good sign they won't be suing this time," he tweeted.

However, James Seyffart also admitted that Grayscale may have planned to resubmit a revised proposal, so it first withdrew its Ethereum futures ETF application. "Withdrawing and refiling is less work for the SEC, but it also means that Grayscale or anyone can now file a lawsuit," he said.

When netizens speculated that Grayscale withdrew its application because the SEC was about to approve an Ethereum spot ETF, James Seyffart’s response was negative. He said: "I don't think this will happen (although the probability is less than zero), there should be other factors involved. Having said that, from Grayscale's perspective, this will not be the main reason for voluntarily withdrawing the application .

Optimism that an Ethereum spot ETF would be approved for listing has faded significantly.

Bloomberg ETF analyst Eric Balchunas previously believed that these ETFs had a 70% chance of success at the end of May this year, but this has now been reduced to 25%. Investment bank TD Cowen also believes that the SEC will not release Ethereum spot ETFs in the short term. It is more likely that it will be approved after the US presidential election in November.

〈The review results are originally scheduled to be released on May 30! Grayscale voluntarily withdraws its application for "Ethereum Futures ETF". This article was first published on "Block Guest".