The SEC's delay in approving the spot ETF reflects ongoing concerns among regulators regarding the custody, liquidity, and market manipulation risks of cryptocurrency assets, which may suppress market sentiment in the short term. However, traditional institutions like BlackRock continue to apply, suggesting a strong demand for compliant channels, which may pressure exchanges to improve their risk control systems in the long term. The SEC may wait for increased transparency in Bitcoin spot data before allowing approval, and political maneuvering during the 2024 election year could accelerate decision-making. A delay does not equal a rejection; the narrative of institutional entry is not over, and buying on dips may become a strategic option.