Michael Saylor, the executive chairman of MicroStrategy, criticized Ethereum, labeling it as a crypto asset security rather than a commodity. During the MicroStrategy World 2024 conference, Saylor expressed doubt that Ethereum and other altcoins like BNB, Solana, XRP, and Cardano would gain approval for a spot ETF from the US SEC. In contrast, he praised Bitcoin as the premier cryptocurrency suitable for institutional investments, believing that it holds singular universal value.

Saylor’s stance on Ethereum reflects his strong preference for Bitcoin, which is evident through recent corporate decisions made by MicroStrategy. Despite support from BlackRock and Fidelity for an Ethereum ETF, concerns persist surrounding Ethereum's security classification by the SEC. These uncertainties and legal disputes could impede the launch of spot Ethereum ETFs.

The approval of Spot Ethereum ETFs could provide Wall Street firms and investors with indirect exposure to ETH, alleviating the need to navigate crypto exchanges or manage digital wallets. While Hong Kong has recently approved a spot Ethereum ETF, the outlook for similar products in the US remains murky, pending regulatory direction from the SEC.

Bloomberg analyst James Seyffart believes that the approval of an Ethereum ETF in 2024 is unlikely but could happen in 2025. The recent fluctuations in the Ethereum market causing concern, as the price hovers between $2,816 and $3,000. Despite these challenges, ETH may not remain below the range of $2,852 to $3,300 for an extended period.