The SEC's postponement of the approval for spot ETFs reflects the regulatory body's ongoing concerns about the custody, liquidity, and market manipulation risks associated with crypto assets, which short-term suppresses market sentiment. However, traditional institutions like BlackRock continue to apply, indicating a strong demand for compliant pathways, which will pressure exchanges to improve their risk control systems in the long term. The SEC may wait for increased transparency in Bitcoin spot data before granting approval, and the political maneuvering during the 2024 election year could accelerate decision-making. A delay does not equate to a veto, and the narrative of institutional entry is not over; buying on dips may become a strategic option.