The delay in the approval of the #SEC推迟多个现货ETF审批 C spot ETF reflects the regulatory body's ongoing concerns about the custody, liquidity, and market manipulation risks associated with crypto assets, which is likely to suppress market sentiment in the short term. However, traditional institutions like BlackRock continue to apply, indicating a strong demand for compliant channels, which will pressure exchanges to improve their risk control systems in the long term. The SEC may wait for improved transparency in Bitcoin spot data before granting approval, and the political maneuvering during the 2024 election year may accelerate decision-making. A delay does not equate to a rejection; the narrative of institutional entry is not over, and strategically positioning during market dips may become an option.