$BNB Physical Redemption: Institutional Whales' 'Dragon-Slaying Sword'
What is physical redemption?
In simple terms, it's 'exchanging coins for shares': large holders can directly exchange Bitcoin/Ethereum for ETF shares (without buying and selling with cash)
Killing power analogy: It's like exchanging gold stored in a bank for a gold bar certificate; institutions no longer need to dump the market to cash out!
Bitwise's ambition:
Directly opening up the cross-universe channel between the crypto world and the stock market! Once approved, Wall Street giants can attack coin prices with zero friction using their stock accounts. The current $2 million sell wall pressing down on altcoins? A whale can swallow it in one bite!
2. The Life-and-Death Speed Behind the Amendment
The SEC's lightning response this time is no coincidence:
Policy Tailwind: The Trump administration's clear pro-crypto stance, and the new SEC chairman has stated the need to 'say goodbye to the ostrich policy', admitting for the first time in May that 'most tokens are not securities'
Competitive Killing:
Grayscale, Fidelity, and seven other institutions are eyeing the opportunity
If Bitwise secures the first physical redemption, it will uniquely enjoy a trillion-dollar institutional funding pool
History Repeating Itself:
Before the approval of the Bitcoin spot ETF in January 2024, BlackRock made a comeback with the physical redemption scheme
This time, Bitwise replicates the brilliant move, and the SEC's approval period has been compressed from 240 days to 45 days!
