Odaily News Encryption market maker GSR has lowered the likelihood of Ethereum spot ETF approval in May to 20% from the previous 75%. GSR analysis believes that the US SEC lacks active participation in the approval process and is affected by political pressure. It is expected that the approval process for the Ethereum spot ETF may be extended to 2025 to 2026. Bloomberg analysts also lowered the probability of Ethereum spot ETF approval to 30%.