The SEC's postponement of the approval for spot ETFs reflects the regulatory body's ongoing concerns regarding the custody, liquidity, and market manipulation risks of crypto assets, which is temporarily suppressing market sentiment. However, traditional institutions like BlackRock continue to apply, indicating a pressing demand for compliant channels, which may compel exchanges to improve their risk control systems in the long run. The SEC may wait for increased transparency in Bitcoin spot data before granting approval, and the political maneuvering in the 2024 election year could expedite decision-making. A delay does not equate to a rejection, and the narrative of institutional entry is not over; strategically positioning for low prices may become an option.