#突破交易策略 Physical Redemption: Institutional Whales' 'Dragon-Slaying Sword'
What is physical redemption?
Simply put, it is 'exchanging coins for shares': large holders can directly exchange Bitcoin/Ethereum for ETF shares (without buying or selling with cash)
Destructive power analogy: it is equivalent to exchanging gold stored in a bank for a gold bar certificate, institutions no longer need to dump assets to cash out!
Bitwise's ambition:
Directly open the cross-universe channel from the crypto world to the stock market! Once approved, Wall Street giants can use stock accounts to strike at cryptocurrency prices with zero friction. The current $2 million sell wall pressing down on altcoins? A whale can swallow it in one bite!
2. The Life-and-Death Race Behind the Amendment
The SEC's lightning response this time is no coincidence:
Policy tailwind: The Trump administration's pro-crypto stance is clear, and the new SEC chairman has stated a desire to 'say goodbye to ostrich policy', acknowledging in May for the first time that 'most tokens are not securities'
Competitive pressure:
Grayscale, Fidelity, and seven other institutions are watching closely
If Bitwise secures the first physical redemption, it will exclusively enjoy a trillion-level institutional fund pool
Historical script repeating:
Before the approval of the Bitcoin spot ETF in January 2024, BlackRock made a comeback with a physical redemption plan
This time, Bitwise is replicating a brilliant operation, and the SEC approval period has been shortened from 240 days to 45 days!
