The SEC's delay in approving the spot ETF reflects the regulatory body's lingering doubts about the risks of cryptocurrency asset custody, liquidity, and market manipulation, which temporarily suppresses market sentiment. However, traditional institutions like BlackRock continue to apply, indicating a pressing demand for compliant channels from capital, which will long-term push exchanges to improve their risk control systems. The SEC may wait for increased transparency in Bitcoin spot data before allowing it, and the political maneuvering during the 2024 election year could accelerate decision-making. A delay does not equal a rejection; the narrative of institutional entry is not over, and buying on dips may become a strategic option.