#贝莱德 Make a big move! The SEC's crypto roundtable meeting suddenly submitted key documents, could Bitcoin and Ethereum ETFs welcome a historic breakthrough?
Recently, the crypto community has exploded! The world's largest asset management giant BlackRock has made significant moves again—after just finishing a 'secret meeting' with the SEC's crypto special working group, they quickly submitted revised documents for Ethereum and Bitcoin ETFs, directly boosting market expectations! Even more exciting is that BlackRock plans to participate in the SEC's crypto working group roundtable meeting on May 12 (which is the day after tomorrow!), and this 'century dialogue' could directly determine the future direction of crypto assets!
1. BlackRock and the SEC's 'in-depth communication': Staking, options, and physical redemption were thoroughly discussed!
According to the latest disclosed meeting minutes, BlackRock representatives had a 'soul-searching' discussion with the SEC's crypto special working group:
- ETP with staking capability: The SEC is particularly concerned with how to provide a compliant path for crypto ETFs that support staking. Simply put, in the future, investors who buy this type of ETF can not only hold crypto assets but also earn returns through staking, which is a super favorable condition for cryptocurrencies like Ethereum that support staking!
- The constraints of options trading: Both sides discussed in detail the position limits and liquidity thresholds for crypto ETF options. For example, how many options institutions can buy at most, and how to prevent being 'sliced' during a market crash. This move is clearly paving the way for the future crypto derivatives market!
- Physical redemption mechanism: BlackRock proposed the physical redemption in the revised document for the Ethereum ETF ($ETHA) for the first time, meaning investors can directly use Ethereum to purchase or redeem ETF shares instead of only using cash as before. This move directly targets the way Hong Kong ETFs operate, which can reduce trading costs and increase market liquidity, making it a 'king bomb'!
It is worth mentioning that BlackRock's head of digital assets, Robert Mitchnick, personally attended the meeting, highlighting their emphasis on the crypto field. The SEC even discussed the general standards for approving crypto ETFs with BlackRock, is this hinting that 'approval standards may be relaxed'?
2. Does the Bitcoin ETF hide a 'quantum weapon'? BlackRock: This is just a routine operation!
On the other hand, BlackRock's Bitcoin ETF ($IBIT) has also been busy. The latest revised document added a description of quantum computing risk, warning investors: 'In case one day a quantum computer cracks Bitcoin's encryption algorithm, your assets could instantaneously become worthless!'
Doesn't this sound scary? But analyst James Seyffart poured cold water on it: 'This is just a routine risk disclosure, just like funds always say, 'The market has risks, and investment requires caution.' He also added that BlackRock had already included the physical redemption clause in the documents back in February, and this time it was just a 'routine update.'
However, the market seems unimpressed—$IBIT has recently seen a crazy influx of funds, with a single-day net inflow exceeding $600 million, and open interest surpassing 600,000 Bitcoins, valued at up to $56.1 billion! This indicates that investors don't care at all about the quantum computing risk, but instead treat BlackRock's ETF as a 'hedging artifact.'
3. A big turn in SEC's attitude? Analysts: 2025 could be the year of the crypto ETF explosion!
Bloomberg senior analysts Eric Balchunas and James Seyffart have recently been vocal:
- Countdown to Ethereum ETF approval: The final approval deadline for $ETHA is October 11, 2025. The two expect the SEC may approve the physical redemption mechanism at some point this year. If passed, this will be the world's first spot ETF for Ethereum using physical redemption, directly crushing its American counterparts!
- The overall direction of the SEC has changed: In addition to BlackRock, the SEC has recently accelerated the review of ETF applications for cryptocurrencies like Solana and Litecoin, and even considered allowing Grayscale's Litecoin Trust to transition into an ETF. This series of actions is interpreted as 'the SEC is opening the Pandora's box of crypto regulation.'
More crucially, the theme of the roundtable meeting on May 12 is 'Asset Tokenization.' As a traditional financial giant, BlackRock is likely to strongly promote the integration of crypto assets with traditional finance at the meeting. If the SEC really relaxes restrictions on tokenized assets, the 'breakout' path for cryptocurrencies will be fully opened!
4. What should retail investors do? These signals must be closely monitored!
1. May 12 SEC roundtable meeting: BlackRock's speech could reveal key clues about ETF approval, suggest watching the live broadcast throughout!
2. The flow of funds for ETHA and IBIT: If funds continue to flow in, it indicates that the market has overwhelming confidence in SEC approval; otherwise, caution should be taken against the risk of a pullback.
3. Progress in quantum computing: Although BlackRock calls it 'routine risk,' if an institution really cracks Bitcoin's encryption algorithm, the market could collapse in an instant.
Conclusion
BlackRock's operation can be considered a 'textbook-level' strategy—binding deeply with the SEC on one side while using the physical redemption mechanism to 'position' themselves in the market. Analysts even predict that more than 10 crypto ETFs may be approved in 2025, marking the official entry of crypto assets into the 'institutional era'!
However, risks still exist: the SEC's regulatory policies could reverse at any time, and the sword of Damocles of quantum computing still hangs overhead. But in any case, this 'crypto revolution' initiated by BlackRock has already ignited the entire market!
Do you think the SEC will approve BlackRock's crypto ETF in 2025? Feel free to leave your comments and discuss!