The SEC's delay in approving spot ETFs reflects ongoing regulatory concerns about the custody, liquidity, and market manipulation risks associated with crypto assets, temporarily suppressing market sentiment. However, traditional institutions like BlackRock continue to apply, indicating a strong demand for compliant channels, which may compel exchanges to improve their risk control systems in the long term. The SEC may wait for improved transparency in Bitcoin spot data before granting approval, and the political maneuvering in the 2024 election year could 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.