According to online reports, Bloomberg ETF analyst James Seyffart said that recently, five funds listed on the CBOE submitted revised documents to the SEC, indicating that regulators are actively communicating and making detailed adjustments with fund parties, or paving the way for a physical purchase and redemption mechanism. It is worth noting that this mechanism only applies to authorized participants (such as large Wall Street institutions and market makers), and ordinary investors cannot directly exchange ETF shares for Bitcoin or Ethereum spot assets.