The SEC's delay in approving the spot ETF reflects the regulatory body's lingering concerns about the custody, liquidity, and market manipulation risks associated with crypto assets, temporarily suppressing market sentiment. However, traditional institutions like BlackRock continue to apply, indicating a strong demand for compliant channels, which may force 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 election year in 2024 may accelerate decision-making. A delay does not equal a rejection; the narrative of institutional entry is not over, and accumulating positions during dips may become a strategic option.