Odaily News Adam Cochran, a partner of CEHV, a venture capital institution, posted on the X platform that the 17th is the last day of the first window period for SEC approval of ETFs, and all participants are not in the comment period. This makes approval less likely at this time. Adam also said that the SEC delayed the conversion of the futures/spot ETF comment period, and the next window period will also be further delayed. As a result, some may start selling at a discount. Ultimately, if ETFs change market dynamics, it will be a long-term steady flow of funds, not an overnight change.