$BTC Physical Redemption: Institutional Whales' 'Dragon-Slaying Sword'
What is physical redemption?
In simple terms, it is 'exchanging coins for shares': large holders can directly exchange Bitcoin/Ethereum for ETF shares (without cash trading)
Destructive power analogy: It is equivalent to exchanging gold stored in a bank for a gold bar certificate, allowing institutions to avoid crashing the market for cashing out!
Bitwise's ambition:
Directly opening a cross-universe channel between the cryptocurrency world and the stock market! Once approved, Wall Street giants can snipe cryptocurrency prices with zero friction using stock accounts. The current sell wall of 2 million dollars pressing on altcoins? A whale can swallow it whole!
2. The Life-and-Death Speed Behind the Amendment
The SEC's lightning response this time is no coincidence:
Policy tailwind: The Trump administration has a clear pro-crypto stance, the new SEC chairman has stated the need to 'say goodbye to ostrich policies', and in May acknowledged for the first time that 'most tokens are not securities'
Competitive strangulation:
Grayscale, Fidelity, and 7 other institutions are already eyeing the opportunity
If Bitwise seizes the first physical redemption, it will have exclusive access to a pool of institutional funds worth hundreds of billions
Historical script repeats: In January 2024, before the Bitcoin spot ETF is approved, BlackRock will make a comeback with a physical redemption plan
This time, Bitwise replicates the magical operation, and the SEC approval period has been compressed from 240 days to 45 days!
