The SEC's postponement of the approval for spot ETFs reflects the regulatory body's ongoing concerns about the custody, liquidity, and market manipulation risks associated with crypto assets, which temporarily dampens market sentiment. However, traditional institutions like BlackRock continue to submit applications, indicating a strong demand for compliant channels from capital, which may push exchanges to improve their risk control systems in the long term. The SEC might release approval after the transparency of Bitcoin spot data improves, and the political maneuvering in the 2024 election year could accelerate decision-making. A delay does not mean a rejection; the narrative of institutional entry is not over, and positioning during dips may become a strategic option.