Wintermute co-founder Evgeny Gaevoy said at the Singapore Token2049 "Institutionalization of Digital Assets" roundtable: In a sense, the approval of spot bitcoin ETFs is inevitable and will happen sooner or later. What people may misjudge is the time, because even if the SEC ultimately approves all these products, they still need some time to be listed, approved, and then some time for managers to allocate them.

Therefore, we need at least six months to start seeing funds flowing into these products, but the more realistic possibility is one to two years. But as I said, it is inevitable, so I guess it is destined to happen. From this perspective, it is difficult to say how much the price will be affected, but I think once we see real funds flowing in, it is when we return to the substantive development track.