The SEC's delay in approving spot ETFs reflects ongoing concerns from regulators about the custody, liquidity, and market manipulation risks of cryptocurrency assets, which suppresses market sentiment in the short term. However, traditional institutions like BlackRock continue to apply, indicating a pressing demand for compliant channels from capital, which will ultimately force exchanges to improve their risk control systems. The SEC may approve once the transparency of Bitcoin spot data increases, and the political maneuvering in the 2024 election year may accelerate decision-making. A delay does not equal a rejection; the narrative of institutional entry is not over, and positioning during dips may become a strategic option.