#BTC再创新高 Physical Redemption: Institutional Whales' "Dragon-Slaying Sword"
What is physical redemption?
Simply put, it’s "trading coins for shares": large holders can directly exchange Bitcoin/Ethereum for ETF shares (without buying and selling in cash).
Destructive power analogy: It’s like exchanging gold stored in a bank for a gold bar certificate; institutions no longer need to crash the market to cash out!
Bitwise's ambition:
Directly opening a cross-universe channel between the crypto world and the stock market! Once approved, Wall Street giants can use stock accounts to target coin prices with zero friction. The current $2 million sell wall pressing down on altcoins? A whale can swallow it in one bite!
2. The life-and-death speed behind the amendment
The SEC's lightning response this time is by no means accidental:
Policy tailwind: The Trump administration’s clear pro-crypto stance, the new SEC chair has stated they want to "say goodbye to the ostrich policy", and in May, for the first time, it acknowledged that "most tokens are not securities".
Competitive product strangulation:
Grayscale, Fidelity, and 7 other institutions are already eyeing the opportunity.
If Bitwise seizes the first kill on physical redemption, it will exclusively enjoy a trillion-dollar institutional capital pool.
Historical script replay:
Before the Bitcoin spot ETF approval in January 2024, BlackRock made a comeback by leveraging the physical redemption plan.
This time Bitwise is replicating the divine operation, and the SEC’s approval period has been compressed from 240 days to 45 days!
