Bloomberg senior ETF analyst Eric Balchunas stated that the US Securities and Exchange Commission (SEC) considers Ethereum (ETH) a security. This reduces the likelihood of spot Ethereum ETFs being approved to almost zero. 📉 Bloomberg analyst James Seyffart, who thinks that the SEC is more likely to reject Ethereum ETFs, also agrees with this view. The SEC has extended the review period for an Ethereum-based spot ETF application from Invesco and Galaxy, and the next deadline is July 5. Additionally, the SEC postponed its decision on the Franklin Templeton spot Ethereum ETF until June 11.