Odaily News Ethereum options traders are preparing for month-end volatility as the U.S. SEC is highly likely not to approve two spot Ethereum ETF applications. May 23 and May 24 are the deadlines for the SEC to decide whether to approve the spot Ethereum ETF applications submitted by VanEck and ArkInvest/21 Shares, respectively. According to Wintermute OTC trader Jake Ostrovskis, the market currently gives these ETFs only a 16% chance of being approved by the end of May. He added that Ethereum options implied volatility may rise before the end of the month, especially around the time the SEC is expected to make a decision on the Ethereum spot ETF. Ostrovskis explained: "There is a slight distortion in the implied volatility term structure of Ethereum. Pricing on May 31 was around 60%, after which the market flattened out and then rose again from June to the end of the year. This is an 8-point premium to Bitcoin volatility, which is about 52%." (The Block)