Bitcoin went with tons of ETF applications years ago and the successful approval of it that happened recently has a backbone. If it is with the ETH ETF, IMO the chance is like 40/60. 40% chance of getting approved and 60% chance of being not.
40% in a sense that Bitcoin has been approved and that can influence the decision, 60% of being declined due to probably many setbacks and factors that will be figured out by SEC if these are like the first few applications.
40% in a sense that Bitcoin has been approved and that can influence the decision, 60% of being declined due to probably many setbacks and factors that will be figured out by SEC if these are like the first few applications.
SEC chairman Gary Gensler used to call Ethereum a "security". I wonder if that will change now that Bitcoin spot ETFs were approved last week? Everything will depend on how the ETH network is structured. If it stays centralized, it'll be classified as a "security". Otherwise, it would be classified as a "commodity".
I doubt Gary's stance towards ETH will change especially when the cryptocurrency has a PoS mechanism. It's largely controlled by whales and big exchanges like Binance and Coinbase. We'll see what happens in the long run. Rest assured that if ETH spot ETFs are approved, market prices will rise like crazy. At least, in the long term.
Short-term speaking, prices will continue to decline at a fast pace (like what's happening now). No one can predict the future, so lets hope for the best. 
We've seen how it started with Bitcoin and that's likely what will happen to as those that holds a lot especially if there are institutions have it will have to unload all of their ETHs and we'd see the impact of it. But yes, typically we don't know what the future holds on this one and we'll just react when we reach there. 
