Deep Tide TechFlow News, July 23, according to The Block, multiple ETF issuers submitted revised applications to the U.S. Securities and Exchange Commission (SEC) on Tuesday, seeking to enable a physical creation and redemption mechanism for their Bitcoin and Ethereum exchange-traded funds. 21Shares, Fidelity, Franklin Templeton, Galaxy, VanEck, and WisdomTree all submitted related revision proposals.

Bloomberg ETF analyst James Seyffart stated that this indicates a "positive shift" in the SEC's attitude. SEC Commissioner Hester Peirce mentioned last month that the physical redemption of crypto ETFs is "on the way" and is currently in process.

It is noteworthy that the physical redemption mechanism is only applicable to "authorized participants" such as major Wall Street institutions and market makers, not retail investors. Analysts believe that this change will allow crypto ETFs to enjoy equal treatment with other ETF products and may open the "floodgates" for the approval of more crypto-related ETFs.