Today's news seems to have left many people confused about what it means and what it means. Currently, both Bitcoin and Ethereum ETFs are cash redemption, which means that when investors redeem, the issuer has to sell the corresponding amount of Bitcoin and Ethereum, and then give the cash to the investors. However, physical redemption does not require selling, and investors can directly receive Bitcoin and Ethereum. There are two benefits: first, it can reduce taxes for investors, as cash redemption is subject to taxation after receiving the funds; second, it can increase the liquidity of ETF trading, without the need for back and forth buying and selling to wear and tear; third, it can reduce selling pressure to a certain extent, and a portion of physical redemption may not be sold directly. The sentence is:. But currently, both Bitcoin and Ethereum ETFs have not made substantial progress in physical redemption and are only in the proposal stage. This news means that the SEC has confirmed receipt of BlackRock's physical redemption application, and whether it can be approved still needs to go through the process.