Coinbase Researchon Friday released a new report suggesting that the odds of approval for a U.S. spot Ethereum ETF are higher than what the current market pricing indicates.

What Happened: According to the research, prediction market platformPolymarketis pricing in a 16% chance of approval by May 31, 2024, while theGrayscale Ethereum Trust(OTC:ETHE) is trading at a 24% discount to its net asset value (NAV).

However, Coinbase believes the likelihood of approval is closer to 30-40%.

David Han, a research analyst at Coinbase, notes that despiteEthereum's (CRYPTO: ETH) underperformance year-to-date, its long-term positioning remains...