The ongoing lawsuits by the SEC against crypto exchanges offering staking services for proof-of-stake blockchains including Ethereum, make a spot ether ETF approval more challenging at least until these lawsuits are resolved.
Having spent several decades working in traditional asset management, I know that when BlackRock publicly states something, the market should pay attention. BlackRock appeared certain in the days leading to Jan. 10 that approval would be granted.
In the world of crypto, whoever holds the private keys to a digital asset controls it. This control can be maintained by the investor themselves (self-custody or non-custodial solutions) or by a third party (custodial solutions) on behalf of the investor.