The delay in the approval of the spot ETF for #SEC推迟多个现货ETF审批 reflects the regulatory body's lingering doubts about the custody, liquidity, and market manipulation risks associated with crypto assets, which may suppress market sentiment in the short term. However, traditional institutions like BlackRock continue to apply, indicating a strong demand for compliant channels, which will ultimately push exchanges to improve their risk control systems. The SEC may wait for increased transparency in Bitcoin spot data before granting approval, and the political maneuvering during the 2024 election year could accelerate decision-making. A delay does not equate to a rejection; the narrative around institutional entry is not over, and buying on dips may become a strategic option.