#套利交易策略 Physical Redemption: Institutional Whales' 'Dragon Slayer'
What is physical redemption?
Simply put, it is 'exchanging coins for shares': large holders can directly exchange Bitcoin/Ethereum for ETF shares (without buying and selling for cash)
Destructive power analogy: It's like exchanging gold stored in a bank for a gold bar certificate; institutions no longer need to liquidate by crashing the market!
Bitwise's ambition:
Directly connecting the cryptocurrency world to the stock market's intergalactic passage! Once approved, Wall Street giants can use stock accounts to attack cryptocurrency prices with zero friction. The current $2 million sell wall hanging over altcoins? A whale can swallow it in one bite!
2. The life-and-death speed behind the amendment
The SEC's lightning-fast response is no coincidence:
Policy tailwind: The Trump administration's clear pro-crypto stance, with the new SEC chair stating they want to 'say goodbye to ostrich policy', acknowledging for the first time in May that 'most tokens are not securities'
Competitive product strangulation:
Grayscale, Fidelity, and six other institutions are already eyeing the opportunity
If Bitwise seizes the first physical redemption kill, it will uniquely enjoy a trillion-level institutional capital pool
Historical script replay:
Before the approval of the Bitcoin spot ETF in January 2024, BlackRock made a comeback to dominate with their physical redemption plan
This time Bitwise is replicating the miraculous operation, with the SEC approval period compressed from 240 days to 45 days!
