A notable theme in the ongoing bull market is Ethereum's underperformance due to increasing skepticism about the spot ETF decision. The ETH/BTC ratio dipped to its lowest since 2021.
The market sentiment trends towards the SEC not approving a spot ETH ETF by the end of May. Some investors are challenging the mainstream narrative.
Grayscale's legal officer highlights the lack of engagement at present, unlike the BTC ETF approval process. The settling of issues raises uncertainty in the current context.
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