Zhu Su: Delayed approval of Ethereum ETF is the most bullish catalyst in the long cycle

Zhu Su posted on the X platform, stating that delayed approval of Ethereum ETFs is the most bullish catalyst in the long cycle. This view is somewhat ironic because once spot Ethereum ETFs are approved for listing, it may lead to ETH redemption flow, which may result in a short-term decline like what is currently seen in the ETF market, while also reducing the number of potential "catalysts" in the future.