#日内交易策略 Physical Redemption: Institutional Whales' "Dragon-Slaying Sword"
What is physical redemption?
Simply put, it is "exchanging coins for tickets": large holders can directly exchange Bitcoin/Ethereum for ETF shares (without cash transactions)
Killing power analogy: equivalent to exchanging gold stored in a bank for gold bar certificates; institutions no longer need to sell off to cash out!
Bitwise's ambition:
Directly bridge the cryptocurrency world → stock market interstellar channel! Once approved, Wall Street giants can use stock accounts to target cryptocurrency prices with zero friction; the current $2 million sell wall pressing down on altcoins? A whale can swallow it whole!
II. The Life-and-Death Speed Behind the Amendment
The SEC's lightning response is no coincidence:
Policy tailwind: The Trump administration's pro-crypto stance is clear; the new SEC chairman has stated they want to "say goodbye to ostrich policies", and in May, for the first time, they admitted that "most tokens are not securities"
Competitive product strangulation:
Grayscale, Fidelity, and seven other institutions are eyeing the market
If Bitwise captures the first mover advantage in physical redemption, it will uniquely enjoy a trillion-level institutional capital pool
History repeating itself:
Before the approval of the Bitcoin spot ETF in January 2024, BlackRock made a comeback by leveraging the physical redemption plan
This time, Bitwise is replicating the magical operation, and the SEC's approval period has been compressed from 240 days to 45 days!
