#趋势交易策略 Physical Redemption: The 'Dragon-Slaying Blade' of Institutional Whales

What is physical redemption?

Simply put, it is 'exchanging coins for shares': large holders can directly exchange Bitcoin/Ethereum for ETF shares (without using cash for trading)

Destructive power analogy: It's like exchanging gold stored in a bank for gold bars’ receipts; institutions no longer need to dump assets to cash out!

Bitwise's ambition:

To directly open up a cross-universe channel between the crypto world and the stock market! Once approved, Wall Street giants will be able to use their stock accounts to target coin prices with zero friction. The $2 million sell wall currently pressing down on altcoins? A whale can swallow it in one bite!

II. The life-and-death speed behind the amendment

The SEC's lightning-fast 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 ostrich policies', and in May for the first time acknowledged that 'most tokens are not securities'

Competitive pressure:

Grayscale, Fidelity, and six other institutions are already eyeing the opportunity

If Bitwise seizes the first physical redemption, it will exclusively enjoy a trillion-dollar institutional fund pool

Historical script repeats:

Before the approval of the Bitcoin spot ETF in January 2024, BlackRock used a physical redemption plan to make a comeback and claim victory

This time, Bitwise replicates the divine operation, and the SEC's review period has been compressed from 240 days to 45 days!