The prospects for Ether ETF approval took a nosedive to 28% according to the polymarket prediction platforms by the end of May, marking a stark decline from the previous 74% during BTC ETF approval. This week, the path to a spot ether ETF approval encountered additional hurdles as two Democratic U.S. senators urged SEC Chair not to greenlight future crypto products, following the approval of spot bitcoin ETFs in January. Gary Gensler, the SEC Chair, appears to have a narrow mandate for spot bitcoin ETFs, potentially paving the way for future ETF applications to face stiffer resistance. Adding to the pessimism, Bloomberg Senior ETF Analyst Eric Balchunas also slashed his expectations for spot ether ETF approval to 30%, a significant drop from the 70% forecasted back in January.